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I don't know how to determine FIFO for Bitcoin sales. I purchased in 2022 (several times), moved to a cold wallet, and then moved some back to Coinbase last year to sell.

-I bought largely in small amounts of a couple hundred at a time. -I moved it all to a cold wallet in 2023 -I moved some back this year and sold it in two instances to pay for medical bills. -Coinbase is considering the date I moved it back from my cold wallet as the day I received it--thus making it only a short-term holding and not showing the actual amount of money I made. -I don't know how to determine the "cost" or gains.
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1 Reply
JamesG1
Employee Tax Expert

I don't know how to determine FIFO for Bitcoin sales. I purchased in 2022 (several times), moved to a cold wallet, and then moved some back to Coinbase last year to sell.

Ideally, you would be able to locate the entry moving the investment back from the cold wallet and correct that date to the 2023 date.

 

Have you imported the entries into TurboTax Premium Online?  If so, you may be able to identify the transaction and edit the transaction.

 

 

Selecting the box to the left of the transaction, initiates the Bulk Ignore / Bulk Edit functions.

 

The pencil to the right of the transaction allows you to edit the transaction line.

 

The Search box and Search funnel allow you to search many lines of transactions to find the correct transaction line.

 

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