Get your taxes done using TurboTax

The exchange or financial institution does not have the purchase date and cannot report a holding period, either long-term or short-term.  Do you have personal sales records or sales tickets that can determine the purchase date?  

If so, in TurboTax Premium Online, report the IRS form 1099-B transaction as follows:

1. Down the left side of the screen, click Federal.
2. Down the left side of the screen, click Wages & Income.
3. Click the down arrow to the right of Investments and Savings.
4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
5. Click Add investments.
6. On the Let's import your tax info screen, select Enter a different way.
7. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
8. At the screen Which bank or brokerage, enter the information.  Click Continue.
9. Do these sales include any employee stock, enter No.
10. Do you have more than three sales, enter No.
11. Do these sales include any other types of investments, enter No.
12. Did you buy every investment listed, enter Yes.  Continue.
13. On the screen Now, choose how to enter your sales, select One by One.  Select Continue.
14. At the screen Look for your sales on your 1099-B, select Continue.
15. At the screen Now, enter sale on your IBIT, enter information.  Under Sales Section Title, you will choose a noncovered option, either LT or ST.  Change Type of investment to Cryptocurrency.

Retain any sales information that you collect with your tax return papers should a tax authority have a question about the transaction at a later time.