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.
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