Coinbase purchase showing as a deposit

[Greg_Mathews]

I need help with importing a Coinbase transaction-history csv export which involves purchasing cryto using Coinbase directly via credit card.

It was a purchase of $250 of BTC and when importing the transaction history, exported from Coinbase, in Koinly it appears as a Deposit of X BTC of a value of $250. In the transaction notes i can see “Bought X BTC for A$250 AUD”.

Is this import correct? i would assume that this should be recorded as a ‘buy trade’ of BTC from $250 AUD. My thinking is when the BTC is sold then the cost basis will be $0 if the transaction is a Deposit vs a $250 cost basis reducing CGT if recorded as a Buy.

Why did Koinly import the Coinbase transaction import as a BTC deposit not a buy? or is this the correct behaviour? or should i manually convert all my buy purchased from deposits to buy trades? feels unusual to have to modify the transaction or is this common practice.

[Aria_Koinly]

Hi @Greg_Mathews

Firstly, for Coinbase, we recommend the API import method (continue with Coinbase option) rather than the CSV.

https://koinly.io/integrations/coinbase/

A deposit in Koinly is considered a purchase at the market price so a deposit of BTC and a buy (AUD>>BTC) are treated the same in Koinly - check out What are transactions in Koinly

It is not Koinly that imports the purchase of BTC as a deposit. Koinly imports what the CSV file reports. With that being said, you can manually edit this deposit and change it to a AUD>>BTC transactions, though, tax-wise, they are treated the same in Koinly.