https://www.irs.gov/pub/irs-pdf/i8949.pdf for deciding treatment as personal or investment use of property as the IRS has deemed cryptocurrency to be property. https://www.irs.gov/pub/irs-pdf/p544.pdf Personal losses are not deductible although personal income is income, investment gains and losses follow 8949 and section 544.
NON-MINERS: You can report them summarily and do not need all the details. You must split Investment LT and ST and Personal LT and ST in your reporting. You can use various for the date of purchase and 12/31/2017 for date of sale.
- Select the Federal tab
- Select Wages and Income
- Select Investment Income
- You'll list each trade/sale in the Stocks, Mutual funds, Bonds, Other interview
- When asked Did you get a 1099-B or a brokerage statement for these sales? select No
- When asked to Choose the type of investment you sold select Everything else for held for investment, if held for personal goods choose personal.
- Translate proceeds of each sale into US dollars at the time of the sale or movement.
- Repeat for each transaction or report summarily.
NOT
FOR MINERS, miners report as self-employed on schedule C using
Turbotax Self Employed https://ttlc.intuit.com/replies/4944762
or as hobby income https://ttlc.intuit.com/replies/5675605 and
the cryptoccy for them is as if they produced and sold inventory, they have
expenses of producing for schedule C or as itemized deductions, then they have
income for the receipt of the cryptoccy at spot rate on production, then they
sell that inventory unless they held for investment purposes LT)
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