What is "missing costbasis" and how do I fix it?

Short answer:

The message "Missing cost basis" indicates that Coinfox was unable to determine a corresponding purchase price for a specific transaction. As a result, the entire sale value is treated as profit. To correct this, missing purchase transactions should be added and existing transactions reviewed.

Detailed answer:

The cost basis is the original purchase value of an asset and is crucial for correctly calculating gains or losses. If Coinfox cannot find a matching purchase transaction for a sale, the entire proceeds are considered profit.

🔍 Possible causes for a missing cost basis:

1. Incomplete transfers:

   Deposits or withdrawals that cannot be assigned to a corresponding counter-entry lead to a missing cost basis.

2. Missing price information:

   If no price can be determined for a token, no cost basis can be calculated.

3. Missing or erroneous purchase transactions:

   If a purchase transaction has not been recorded or was imported incorrectly, the basis for the cost basis is missing.

4. Incorrect chronological order:

   In countries with deposit segregation requirements, the correct chronological order of deposits and withdrawals is crucial.

   
   

✅ Steps to resolve:

1. Correct incomplete transfers:

   Review and add missing deposits or withdrawals to ensure complete transaction chains.

2. Update price information:

   Ensure that current price information is available for all tokens.

3. Add purchase transactions:

   Add missing purchase transactions or correct erroneous entries.

4. Check chronological order:Ensure that all transactions are recorded in the correct chronological order.

   
   

After these steps have been completed, the message "Missing cost basis" should no longer appear, and Coinfox can accurately calculate your gains and losses.