Cynthiad66
Expert Alumni

Get your taxes done using TurboTax

The only way to determine the exact basis at the time of purchase to have documented how much your spent.  Otherwise, you will have to do a very close approximate.  

 

Calculating the initial basis in a cryptocurrency investment is straightforward. When U.S. dollars (USD) are used to purchase a major cryptocurrency such as bitcoin (BTC) or ethereum (ETH), the basis in that investment will be the amount of the fiat currency used to purchase it, which is no different from establishing a basis for numerous other capital assets. However, cryptocurrency investing can quickly become a nightmare for basis calculation from there.

 

Here is how to amend:

Amend your 2017 return if you need to change or correct something after you already filed it.

Keep in mind: You have 3 years from the date you filed your 2017 return (or 2 years after you paid the tax due, whichever is later) to file an amended return.

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