Get your taxes done using TurboTax

You asked how to enter these crypto transactions?

1. Buying crypto with another type of crypto.
2. Buying goods from a business with crypto.
3. Collecting interest on crypto.

If you sold the original crypto to purchase the new iot is treated like a stock transaction.

1.  It’s your responsibility to keep the cryptocurrency 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.

You should have a 1099-B that records all of your sales throughout the year.

You will post cryptocurrency like Stocks, Mutual Funds, Bonds, Other.

1. Start with Income & Expenses
2. Stocks, Mutual Funds, Bonds, Other
3. The first time through you will get Did you sell stocks, mutual funds, bonds, or other investments in 2020? 
   1. Yes
4. OK, what type of investments did you sell?
   1. Select Other
5. Enter Financial Institution name
6. Now we’ll walk you through entering your sale details
   1. Select Other
7. What type of investment did you sell? Learn more
8. Continue to post your Transactions.

2.  If you purchased goods or services would be as if you sold the currency and used cash to pay for it.  This transaction would be posted the same as above.

3. If you collect interest on crypto it will be taxed as income.  If you receive a 1099-INT you can post it to the appropriate income category.

• Wages & Income
• Scroll down to Less Common Income
• Select Miscellaneous Income, 1099-A, 1099-C
• Select Other reportable income
• Continue through the interview