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Level 2

Question

How do I enter crypto donations?

Forum|Forum|4 years ago
February 20, 2022
5 replies
5 views

How do I enter cryptocurrency donations into TurboTax.

TurboTax Premier Online

Level 7

You enter them in schedule A under Charity.

The cryptocurrency is treated as property. You must first determine the property's fair market value to figure out the amount of a charitable contribution deduction. Fair market value is the price that a property would sell for on the open market.

For cryptocurrencies that are traded on a public exchange, the fair market value will be equal to the spot price at the time of the donation.

Click on the link for more information

Cryptocurrencies

Level 2

Yes, but how do I enter that in TurboTax? When I click on donations there are only the four options:

Items
Money
Stock
Mileage and travel expenses

Which ones of these will end up on the right form? Stock gives me the option to enter cost basis and purchase info which is helpful when determining if the donation qualifies for short or long term value and "items" has multiple options for property:

Household items
Car, boat or airplane
Collectibles
Business equipment
Business inventory
Art - not self-created
Art - self-created
Publicly traded stock
Non-Publicly traded stock
Securities (not stock)
Intellectual property
Real property - not conservation property
Other personal property
Other intangible property

Which option am I supposed to select?

Level 15

As LoganathanB stated, it is considered property.

So you first select Items,

and then select Other personal property

You would then enter the value in USD at the time of the gift.

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