Grain of salt disclaimer:(Seek the advice of an expert, lawyer, accountant, physician as I am a pc engineer, musician, and painter I am clearly none of these.)
Additionally learn this https://www.irs.gov/directions/i8949 if it is advisable to fill out 8949.
I hope this can be a clear rationalization of how capital positive aspects taxes work usually.
This is an instance of what I might do usually assuming a FIFO tax therapy:
It’s essential to pay tax in your capital positive aspects however you wish to subtract your price foundation from the full worth you bought for as the idea just isn’t taxed as a acquire. (Notice that if you cannot show the associated fee foundation I imagine the whole sale of 0.49 at 400 can be thought of taxable)
{bought worth – price foundation = capital acquire} that it is advisable to pay tax on (earnings tax if beneath 12 months, 15% if it is a long run acquire)
First discover the associated fee foundation.
(0.2*100)+(0.3*120)=20+36=$56 (that is your price foundation)
(I will spherical your 0.49 eth as much as 0.50 as a transparent instance with spherical numbers)
Then compute the quantity generated from the sale (I am calling this a bought worth)
0.5*400= $200 (that is your bought worth in my instance equation)
Now discover the capital acquire utilizing the equation under:
bought worth – price foundation = capital acquire
200-56=$144
For long run positive aspects over 12 months it is 15% * your acquire minus the associated fee foundation
144*0.15=$21.50 due in taxes.
For brief time period acquire (held beneath 12 months, as is your case) the acquire is taken into account earnings.
144*your tax charge = what you owe to the IRS as this was a capital acquire. This will get added to your AGI so if in case you have an AGI of 200,000 your AGI is now 200,144 and the 144 will get taxed as atypical earnings.
Regards