jtax
Level 10

Get your taxes done using TurboTax

Turbotax will not calculate your basis. It will help you report your basis, but you have to know what your basis is (or have it downloaded from a partner brokerage.)

You would calculate basis for cryptocurrency just as you would for any other capital asset. Your basis is your purchase cost. If you sell (or trade) some of your asset you use up a proportional amount of your basis. You have to keep track of that. It is more complicated if there are multiple purchases followed by partial sales.

Indeed you might want to seek out an CPA, EA (enrolled agent), or tax attorney.

First you might review this IRS publication

https://www.irs.gov/publications/p551

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