Does anybody know how to do a tax return if you bought BTC in 2017 and sold in 2018?
I think, my situation is not uncommon
![Embarrassed](https://bitcointalk.org/Smileys/default/embarrassed.gif)
I purchased around 3 BTC in total in December 2017 at around 16K, then I sold it later in 2018 at 6K
![Embarrassed](https://bitcointalk.org/Smileys/default/embarrassed.gif)
According to my research, the basic approach is to fill out
form 8949 and attach it to
1040 Schedule D. The problem is that it spreads through more than 1 year, so I cannot do it automatically by exporting coinbase reports and using bitcoin.tax
I believe, I can use this formula:
Total sale amount – basis = realized gain/loss In my case, total sale amount is 3 * 6 = 18K
Now I need to calculate what the
basis based on my transactions in 2017. But the problem is that I had numerous buy and sell transactions in 2017.
For example:
11/02/2017 BUY 0.8 BTC $12K
11/04/2017 SELL 0.1 BTC $11K
12/01/2017 BUY 0.5 BTC $13K
12/07/2017 BUY 0.6 BTC $14K
12/10/2017 BUY 0.7 BTC $15K
12/10/2017 SELL 0.4 BTC $15K
12/20/2017 BUY 0.5 BTC $16K
so what would be the
basis in my case?
is this the right approach overall?
PS: I am using Turbotax and bitcoin.tax. All my transactions were on coinbase
Thanks
M