Visitor II

Turbo Tax Bitcoin Paradox

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.