topic Turbotax is asking “I have a net capital gain or loss from the exchange of legal tender” under the income adjustments for my state tax? What does this mean? in Get your taxes done using TurboTax

Turbotax is asking “I have a net capital gain or loss from the exchange of legal tender” under the income adjustments for my state tax? What does this mean?

gabe-villarruel — Thu, 16 Apr 2020 04:20:07 GMT

Re: Turbotax is asking “I have a net capital gain or loss from the exchange of legal tender” under the income adjustments for my state tax? What does this mean?

Thomas762 — Sat, 09 May 2020 21:45:43 GMT

why won't the box uncheck? state tax, any income adjustments?, I have net capitol gain or loss from the exchange of leagal tenderbox won't uncheck

Re: Turbotax is asking “I have a net capital gain or loss from the exchange of legal tender” unde...

JotikaT2 — Thu, 14 May 2020 20:34:56 GMT

It would be helpful to have a TurboTax ".tax2019" file that is experiencing this issue. You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions:

Go to the black panel on the left side of your program and select Tax Tools.
Then select Tools below Tax Tools.
A window will pop up which says Tools Center.
On this screen, select Share my file with Agent.
You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number.
Reply to this thread with your Token number.

This will allow us to open a copy of your return without seeing any personal information.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

Re: Turbotax is asking “I have a net capital gain or loss from the exchange of legal tender” under the income adjustments for my state tax? What does this mean?

gcwhitten — Thu, 14 May 2020 20:51:19 GMT

This is a guess, but I suspect you traded currencies (legal tender). If you 'bought cash' when you travelled internationally, and then 'sold cash' when you returned, it is possible that the exchange rate changed during the process. If so, then you may have had a 'gain' or a 'loss' because of the market change. Suppose you bought 100 Canadian dollars when the exchange rate was 1.20Can to 1.00 US. It cost you you 80 US. You returned later and bought US dollars when the exchange rate changed to 1.10Can to 1.00 US. You would get $90 upon your return. You had a gain of $10 because of the exchange rate change. Someone is taxing that gain.

Re: Turbotax is asking “I have a net capital gain or loss from the exchange of legal tender” unde...

carriem — Wed, 23 Mar 2022 17:22:41 GMT

I am having the same problem. Token # 967349

I cannot uncheck the box "I have a net capital gain or loss from the exchange of legal tender"

Re: Turbotax is asking “I have a net capital gain or loss from the exchange of legal tender” unde...

CarissaM — Wed, 23 Mar 2022 21:35:50 GMT

You are responding to a thread from 2 years ago. Please follow the instructions here to contact us by phone so we can better assist you. @carriem

Re: Turbotax is asking “I have a net capital gain or loss from the exchange of legal tender” unde...

carriem — Wed, 23 Mar 2022 21:40:53 GMT

I contacted Turbo tax by phone and spoke to Charles Fowler for an hour. He could not help