Reporting cryptocurrency is similar to reporting a stock sale. You'll need to report your cryptocurrency if you sold, exchanged, spent or converted it.

You have to do this for every trade you made. If you bought coins at different prices or sold partial amounts, then you have to keep track and record the difference of what you sold. Cryptocurrency exchanges are not required to provide a 1099-B or summary tax statement for cryptocurrency transactions. It’s your responsibility to keep records of your transactions. The most common way to do this is to download your order or trading history from your exchange’s website. You may need to do this a few times throughout the year due to limits on how far back you can get information

In the CD/Download version of TurboTax:

• Open your TurboTax return and click on the Personal tab, at the top
• Click on Personal Income and then, I’ll choose what to work on
• Scroll down to Investment Income and click on Show more
• And then on Start or Revisit to the right of
• Stocks, Mutual Funds, Bonds and Other
• Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
• If you land on Here's the investment sales info we have so far, select Add More Sales. Then answer Yes to Did you get a 1099-B?
• On the Choose Your Bank or Brokerage import screen, select I'll type it in myself
• Select or enter your brokerage on the next screen and Continue
• On the following screen Tell us about your 1099-B select the second option, I'll enter a summary.
• On the same screen, enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Done.

Follow the onscreen instructions to enter additional sales or to view a summary.

Hi Alan the OP likely di not receive a 1099-B about this. Are you just saying to answer yes to that prompt to get to where we need to go to enter this stuff?

Hi Karl 

you have probably already solved this but this is what i did on my 2017 return and will do it 2018 - using the same software as you .

First off I used a website / service that thru API access looked at all my transactions at various exchanges since my initial investments and created cost basis  / reports / etc for all years. For me that was the going to be the hard bit so I was happy to find a service to do it. I then exported a TXF file for 2017, a file format you can import straight into turbotax. The imported file created a form 8949 and then the info went to where it belonged in Schedule D and that was it. 

 

In case you want to import manually, this is how it populated into my return.

The import created a form 8949.

Mine was all Long term so it all went to Part II Long-Term with Box F checked: "Long term transactions not reported to you on Form 1099-B." and the transactions are listed.

Short term would go to Part I with box C checked.

 

Then the information will flow to the Schedule D, short term going to line 3:  "Short term totals from all Form(s) 8949 with Box C checked" and long term going to line 10:"Long term totals from all Form(s) 8949 with box F checked."