turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

e_hirsch1
New Member

I've been buying a set dollar amount of bitcoin each month but I only made one taxable transaction (converted to US $) What should I put in the box for "date of purchase"

Since I accumulated bitcoin over the year but only made 1 taxable transaction, what do I put in for "date of purchase"? Can I leave that blank?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
DavidD66
Expert Alumni

I've been buying a set dollar amount of bitcoin each month but I only made one taxable transaction (converted to US $) What should I put in the box for "date of purchase"

You cannot leave it blank.  Enter "Various". And unless you sold all of your bitcoin, be sure to identify which of your bitcoin holdings you sold.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
e_hirsch1
New Member

I've been buying a set dollar amount of bitcoin each month but I only made one taxable transaction (converted to US $) What should I put in the box for "date of purchase"

Thanks for getting back to me! Unfortunately you can't type in "Various" in the "date of purchase" box - it requires a mm/dd/yy date format.

JoannaB2
Expert Alumni

I've been buying a set dollar amount of bitcoin each month but I only made one taxable transaction (converted to US $) What should I put in the box for "date of purchase"

Since you bought it over a year ago, that was considered as long term capital gain.  You may look at your bank transactions over a year ago or estimate the date of purchase. Bitcoin sales transaction is usually reported on form 1099-K, the gain/loss is reported on form 4797 and is transferred over to Schedule 1 line 4 of 1040.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies