Got your Q while working on my own taxes. I had Premier open and using the Search feature from inside TT Premier, I searched on " cryptocurrency"...
In the Premier Help, there's now a "Cryptocurrency Information Center" with lots of FAQs in it. Hopefully, that will help you.
If you use Coinbase, they offer tax reports now, showing your trades on their website. It looks to be vastly improved from years past. There may even be a 1099 form in your CB account.
If you have other crypto exchange accounts besides Coinbase, such as Bittrex or whatever, first look to see if they have a downloadable taxes report of your transactions. Usually, each exchange offers some sort of downloadable Excel-compatible .CSV file (Comma Seperated Values file). But, you do need Microsoft Excel or the Google equivalent (Sheets?) to open those.
Unfortunately, there's no standardization on these different CSV files.
Good News: We stumbled onto TaxBit, which is an online crypto tax calculator service. Wow. Made our tax prep a breeze.
It supports direct importing from many different exchanges from Coinbase to Robinhood to you-name-it, importing and exporting of CSV files, and manual entries, too. So, you can import from all the major crypto exchanges, as well as from sources like Paypal. Best of all, the interface is very intuitive and easy to use. You know, the opposite of TurboTax!
We imported over 650 transactions from Coinbase Pro in 3 minutes, and were able to do reports of buys, or sells, as well as seeing withdrawals and deposits. Having done years of software QC testing, I was very impressed.
So, if you just have a few transactions, try to use TT Premier if it works. I'll be doing it myself tomorrow!
We have several dozen this year, so we'll be either using TT Premier, or importing a CSV file from TaxBit.
The other nice thing about TaxBit was this. As we've maintained our own crypto spreadsheet for years, we were able to use the reports generated by TaxBit to double check our own 2021 entries for errors and omissions. We found everything was perfect, which really helps.
It's a good thing we know how to use CSV files in Excel, though. That's a necessity. For those who dont, check out some online tutorials.
If TurboTax was smart, they'd buy up TaxBit and incorporate their online platform into TurboTax, because TaxBit put a lot of effort into their website. It's inexpensive, too.
Hope this helps you and others.
