This article applies to US customers only.
When Coinbase or Kraken is connected to CoinTracker by API, the exchange reports its cost basis method and CoinTracker uses that method for the exchange. This keeps CoinTracker's gains for that exchange in line with the exchange's own records, including its Form 1099-DA.
Where do I see the synced method?
Open Settings > Taxes > Cost basis method and select a tax year. Exchanges that report their own method appear under Set by the exchange, for example HIFO · Direct. If the exchange reported a change partway through the year, it shows the number of periods instead (for example, 2 periods · Direct).
Synced methods are read only in CoinTracker.
How do I change a synced method?
Change the method in your Coinbase or Kraken account. The new method syncs back to CoinTracker on its own, and your numbers stay matched to what the exchange reports.
Kraken supports LOFO (Lowest In, First Out). CoinTracker shows LOFO only for a Kraken account that reports it. It is not a method you can select for other wallets.
Can I set the method in CoinTracker instead?
Yes. CoinTracker then stops syncing the exchange's method, and a method that does not match the exchange can cause mismatches at tax time.
Important: After you set an exchange's method by hand, new methods the exchange reports do not replace yours. CoinTracker shows a warning that the exchange is still on a method you set.
- Navigate to Settings and select the Taxes tab.
- Select Cost basis method, then select the tax year.
- Under Set by the exchange, hover over the exchange's method and select I'd rather set this myself.
- Toggle on I want to set it here anyway and select Continue.
- Select a method for the exchange under Set by CoinTracker, then select Save.
The exchange now appears under Set by CoinTracker with a warning icon. Repeat these steps for each exchange you want to set by hand.
How do I go back to the exchange's method?
Open the tax year and find the exchange under Set by CoinTracker. Select Resync with Coinbase or Resync with Kraken from the exchange's method dropdown, or select Resume syncing from Coinbase or Resume syncing from Kraken. Then select Save.
Disclaimer: CoinTracker is provided for informational purposes and is not intended as tax, audit, accounting, investment, financial, or legal advice. For financial, tax, or legal advice, please consult your own professional. See our full disclaimer.