I added to my Ether & Litecoin investment several times in 2017 and then sold the bulk of each in single transactions. In TurboTax I entered the data in the Investment Income Section and indicated I bought the coins at various dates. It looked fine when I finished. However, when checking the data in "Forms", the "Cap Gains Wkts" for each coin, it was noted under Acquisitions, Question 3, that I acquired the coins in a Single Purchase. When I changed this to Multiple Purchase Lots, my Federal Refund increased by nearly $1,000 and my state tax due dropped a couple hundred dollars. Despite having the same gross proceeds, cost basis and short term gain, this single change seems significant. I'm not sure if I'm just missing something or Turbo Tax isn't recognizing this important detail.
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Ok. I've followed the Step-by-Step to record my Coinbase Bitcon, Etherium & Litecoin sales as property in the Investment Income section. All looks fine that is unless you checkout the Capital Gains Worksheets in Forms. Although you can enter the Date of Purchase as "various" in the Step-by-Step, when you examine the Acquisition Information in Forms, Question 3., the Single Purchase box is checked, and not the Multiple Purchase Lots, which is my and I assume many others situations. Now, when I change the selection to Multiple Purchase Lots, the Federal Refund increases by nearly $1,000 and the State Tax Due drops a couple hundred. What's up? It's the same gross proceeds, cost basis & short term gain, however, saying the coins were purchased in lots and not a single purchase sends another grand my way.
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