To update or delete information you imported in TurboTax Online:
- Open or continue your return.
- From the left menu, select Federal and then select Income & Expenses.
- Proceed to the Your Income and expenses screen.
- Select the Edit button next to the item you would like to update or delete.
In the TurboTax CD/Download software, you can delete imported items as follows:
- Open your return.
- From the TurboTax File menu, select Remove Imported Data.
- Select the item(s) you want to remove and follow the instructions.
Cryptocurrency received as payment for goods and services is taxed as earned income:
If you earned money by providing a service or selling something, you’d have to report it as earned income (either wages or self-employment income) as if you’d been paid in cash.
Cryptocurrency sold, exchanged, spent or converted, is treated as sale of property:
Like property sales or the sale of stock, any gain or loss from the sale or trade of cryptocurrency is reported as a capital gain or loss. If you buy and sell it within 12 months, it’s treated as a short-term capital gain. If you hold it for over 12 months, it’s taxed at the lower, long-term, capital gain rates.
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