Tax Question: Purchase Date vs Acquired Date

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Tax Question: Purchase Date vs Acquired Date

Hi all,

Like every year, I’ve once again found myself filing taxes at the very last minute, thanks to some entirely unjustified procrastination—and, inevitably, I’ve run into a situation.

I purchased XLM back in 2020–2021 on Binance and transferred it to Coinbase on 01/31/2024. I then sold all of the XLM on Coinbase on 11/22/2024. However, the Coinbase tax document lists the acquisition date as 01/31/2024 (the transfer date), and it marks the resulting gains as a short-term capital gain, even though I originally bought the XLM over 2–3 years ago.

From what I understand, the acquisition date should be when I originally purchased the crypto—not when I transferred it. Am I correct? I’m considering manually adjusting the acquisition date on the tax document to reflect the original purchase date. Would that be the right thing to do? Any suggestions?

Thanks in advance!

submitted by /u/coolcool1989
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