How to report sales fee from crypto sale

Forum|Forum|1 year ago
December 21, 2024
3 replies
64 views

Hi I am manually entering my crypto sales (not using/did not receive 1099 form)

In the sales section I have two input boxes

For "Proceeds" (the sale) I entered in the sales amount (but did not include the crypto exchange sales fee from the sale)

For "Cost" I entered the cost of the initial purchase of the crypto plus the crypto exchange purchase fee

Now my question is, where do I put the crypto exchange sales fee since we do not put that in the "Proceeds" input box

Thanks!

TurboTax Free Edition Online

Best answer by rjs

Expert Reviewed

After you enter the proceeds and cost basis, click Continue. The next screen asks if you paid sales expenses, and gives you a box to enter the expenses.

The sales expenses will be reported on Form 8949 as an adjustment to the gain or loss, with adjustment code E.

rjs

Answer

Level 15

Expert Reviewed

After you enter the proceeds and cost basis, click Continue. The next screen asks if you paid sales expenses, and gives you a box to enter the expenses.

The sales expenses will be reported on Form 8949 as an adjustment to the gain or loss, with adjustment code E.

nbgokuAuthor

Level 2

Thank you! So in the box for "Sales expenses not reported" shown below is where the crypto exchange sales fees goes then?

As an example, if I sold bitcoin for $20,000 (not including the sales fee) and Coinbase took a sales fee of $500 from that bitcoin sale, then in the box for "Sales expenses not reported" shown below I would put $500?