Bitcoin. I buy 100 USD of bit coin. at time of sale my cost basis of 100 USD is now worth 145.. I sell 45 usd how do i report that?

[JohnB5677]

You would report the sale of the $45/$145 = 31%. 

• $45 is 31% of your total holdings in Bitcoin. 
• So you sold 31% if the Bitcoin that you had. 
• At current price $1 = .000017 Bitcoin.  
• $145 = 0.002465 Bitcoin
• 0.002465 Bitcoin X 31% = 0.000764 Bitcoin sold.

You should post the purchase date

0.000764 Bitcoin Sold

Basis = $31  ($100 X 31%)

Proceeds = $45

Post date of sale

Post this to:   Income & Expenses

1. Scroll to Stocks, Mutual Funds, Bonds, Other
2. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
3. On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
4. From here, you can import or manually enter your 1099-B.
5. Answer the questions about your sales. Choose to Enter sales one by one when asked.
6. On the Now, we'll enter one sale on your 1099-B screen, enter your info.

[fanfare]

the cost basis in your remaining position is $69.