How do you fill out the purchase information page when entering my capital gain/loss for cryptocurrency via coinbase?

Forum|Forum|7 years ago
June 5, 2019
1 reply
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I have entered my Net Proceeds for capital gain/loss. How do I fill out the purchase information? For example, I did a couple buy transactions for bitcoins in coinbase in mid 2017 and then I sold it using 1 transaction towards the end of the year. Do I put in every buy transactions I did?

TurboTax Free Edition Online

DianeW777

Alumni - Intuit

No. The short term holding period applies because you bought and sold it all in the same year. You can put in one sale transaction and use the earliest date of purchase for the purchase date. Then combine all the purchase costs for the purchase price to use for the one sale.

Maintain all of your records with your tax file should the IRS want a copy at some future point.

If you continue to do this type of investment activity, you should keep a clean set of records using excel or any other application to help you quickly track your buys and sells.

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