topic 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" in Retirement tax questions

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"

e_hirsch1 — Tue, 16 Mar 2021 22:53:49 GMT

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?

Re: I've been buying a set dollar amount of bitcoin each month but I only made one taxable transa...

DavidD66 — Tue, 16 Mar 2021 23:08:23 GMT

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.

Re: I've been buying a set dollar amount of bitcoin each month but I only made one taxable transa...

e_hirsch1 — Tue, 16 Mar 2021 23:30:11 GMT

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.

Re: I've been buying a set dollar amount of bitcoin each month but I only made one taxable transa...

JoannaB2 — Tue, 16 Mar 2021 23:56:40 GMT

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.