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 Сryptocurrency exchanges => Binance - Сryptocurrency exchanges => Topic started by: Bitcoin on Apr 23, 2022, 11:42 am

Title: Tax implications of withdraw fee from one exchange (Binance) to another GDAX/Coinbase
Post by: Bitcoin on Apr 23, 2022, 11:42 am
Tax implications of withdraw fee from one exchange (Binance) to another GDAX/Coinbase

I transferred 0.2 ETH and 0.3 ETH in separate transfers from GDAX to Binance (GDAX does not charge a fee for this).



Then, I transferred back from Binance to GDAX all 0.5 ETH, but since Binance charges a 0.01 ETH withdraw fee, I now only have 0.49 ETH in my GDAX account.



Then, I sell my 0.49 ETH on GDAX.



Assuming I would like to report taxes, how do I take into account the 0.01 ETH in transfer fee assuming the following:



0.2 ETH was purchased at $100



0.3 ETH was purchased at $120



0.49 ETH was sold at $400 (within a year)



In other words, what's the best way to report these two transactions on form 8949 (https://www.irs.gov/pub/irs-pdf/f8949.pdf)?


Source: Tax implications of withdraw fee from one exchange (Binance) to another GDAX/Coinbase (https://bitcoin.stackexchange.com/questions/67049/tax-implications-of-withdraw-fee-from-one-exchange-binance-to-another-gdax-coi)
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