I’ve noticed a lot of Dashboard/balance issues and have narrowed it down to a lack of ETH2 (Coinbase ETH staking token) support:
I am staking all my ETH on Coinbase. I added the Coinbase API integration and it pulled in my transactions. On the Wallets page, the total $ amount is less than what’s shown in Coinbase. When I go into the holdings, I show a 0 balance for
ETH but the
Staked Ethereum 2 ETH2 number is correct. It shows a $0 value for ETH2.
When I find the transaction for when I staked my ETH, it shows I traded ETH for ETH2 and made this a taxable event. Tax advice I’ve read says this should not be a taxable event. Also, other crypto tax platforms handle this situation and do not show it as a taxable event.
When I view my staking reward transactions, it appears the cost basis is the current market price instead of $0. I’m not sure I’m reading the values properly here though. I wasn’t, seems correct.
I understand that this is a bit of a special case but I could see many people in this situation. Are there plans to better support ETH staking transactions on Coinbase?
Hello, ETH staking transactions are supported already. All staking transactions should have the staking tag applied. But, the staking pool tag can not be applied to a trade transaction. I’ll need to take a look at your account and the ETH for ETH2 transaction to see how the import reads. Can you please message us on the chat once logged in with a screenshot of the ETH for ETH2 transaction?
And thanks for taking the time to explain the issues and your questions so well!
The issue with ETH2 showing a price of $0.00 is simply because CoinGecko has delisted/removed support for ETH2 which we use to fetch live market rates. Keep in mind that this does not affect any of your tax or portfolio calculations. It only affects the wallet holdings you see in the Coinbase wallet. We need to do a few changes before we can show the correct price, so I can’t give an exact ETA as of right now. Hopefully sometime in March!
To avoid realizing gains on the
ETH-ETH2 conversions, you can simply apply the ‘Swap’ tag for those transactions.
The Swap tag is further explained here together with a few examples:
We might look into automatically tagging ETH-ETH2 trades from Coinbase in the future, but for now, the solution is to do it manually which should only take a few seconds.
If you have any other questions related to this, please let us know!