How to handle large number of crypto transactions in turbotax

Forum|Forum|2 years ago
March 28, 2024
1 reply
9 views

Hello,

I have always used turbo tax and appreciate the ease with which it connects to my coinbase account. However, this year turbotax seems to want me to examine each of over one hundred crypto transactions and mark them as taxable or perform some other evaluation. These are all from an unstaking of ETH2 that occurred in 2023. How do I handle all these transactions? I examine an individual one and I still don't understand how to make it so it does not still need to be reviewed. This is very confusing. Any help would be appreciated.

Thanks

Ask the Experts - Coinbase - Mar 2024

JDNeillAuthor

Level 2

For more details: each transaction is the staking reward for ETH2 and they are very small amounts, like $0.02. Some are purchases of between $10 and $20. They all show zero realized gain, so I'm not sure if they will even be taxed.

DaveF1006

Level 15

Yes, without knowing the specifics that are asked for in each transaction, please refer to this guide published by Turbo Tax for further clarification with this issue. There is a lot of information in this guide that I can't print in this thread due to limited space. If you have any specific questions after reviewing the guide, reach out to us.

Usually reviews occur because there is missing information in the transaction. Review these first to see if the transaction is missing any of these elements. Check these thoroughly and make sure all of the information is contained within each transaction.

Cost basis
Date acquired
Description
Proceeds
Date sold

If there are no missing information, see if you can move on. In the program, after you review the transactions, there are checkmarks that appear as ( "x's)

Also, for the amounts that are small, combine those transactions instead of leaving them as separate line items. This may simplify the reporting.

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JDNeillAuthor

Level 2

It appears that the information missing on these transactions is the date the investment was acquired. These were all downloaded directly from coinbase. Since there are so many, and many of the same amount, it is impossible to know which one was acquired on which date.

Also, many of the staking rewards end up with a zero cost basis and turbotax doesn't seem to like that. I have to verify each one individually.