Where your cryptocurrency transactions are entered depend on why you have it. If it was earned or if was an investment affect how it is taxed.
For trades or conversions from one cryptocurrency to another, yes, you are correct, this should be reported regardless if any forms were received.
While TurboTax Online has a dedicated section in Investment Income for Cryptocurrency reporting, TurboTax CD/Download does not. The trades can still be reported in the Stocks Bonds Mutual Funds link.
To do this in TurboTax CD/Download, follow these steps:
- From the PERSONAL tab, scroll to Investment Income and select Update by Stocks, Mutual Funds, Bonds, Other.
- Did you get a 1099-B or a brokerage statement for these sales? Answer No.
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If you only had a few transactions, select I'll enter one sale at a time.
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If you had hundreds or thousands of trades, select I'll enter a summary for each sales category. I strongly encourage using an aggregator service. Several different ones are supported by TurboTax and would help simplify reporting.
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In either case, these transactions must be identified by their holding period, short-term (C), which is 1 year or less, or long-term (F), which is more than 1 year. The codes refer to which box will be checked when reporting these details on Form 8949 to the IRS.
For more information including additional cryptocurrency how-to article links, see: I didn’t receive a 1099-MISC, 1099-B, or 1099-K for my Bitcoin or other cryptocurrency earnings, do ...
In case you are interested, see: How do I switch from TurboTax CD/Download to TurboTax Online?
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