DianeW777
Expert Alumni

Get your taxes done using TurboTax

If your file is not being imported as you expect, then you can enter the transactions in TurboTax Desktop. 

  • In TurboTax Desktop you will enter Cryptocurrency as a Stock, Mutual Funds, Bonds, Otherunder Investment Income
  • In TurboTax Online you will find Cryptocurrency as a selection under Investment Income

Be prepared with the following information:

  • Service name (examples: Coinbase)
  • Asset name (examples: Bitcoin, Ethereum)
  • Date of purchase
  • Cost basis
  • Date of sale
  • Sale proceeds

You can do a summary of long term and then short term combinations (long term holding is more than one year, short term holding is one year or less).  Make one entry for each. You can then send the worksheets or statement with Form 8949 after your return is accepted, attached to Form 8453.

  • Long term is a holding period of more than one year and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
  • Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

Columns should be similar to Form 8949 (grouped together by holding period): 

  • Description
  • Date Acquired
  • Date Sold
  • Proceeds
  • Cost
  • Gain/Loss
    • Sale date can be the last date a sale occurred or 12/31/2020 
    • Purchase date can be 'Various' (Select Something other than a date
    • These worksheet can be filed after your tax return is accepted.  

If you are e-filing your tax return, then mail your statements along with Form 8453 to: 

 

Internal Revenue Service

Attn: Shipping and Receiving, 0254 

Receipt and Control Branch 

Austin, TX 73344-0254

 

If you need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet). 

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