You report your cryptocurrency loss in the Investment Income section of TurboTax. If you are using TurboTax online, follow these steps:
- go to Income & Expenses,
- scroll down to Investment Income,
- click on the drop-down arrow to open the window if it is not open already, and select Stocks, Cryptocurrency, Mutual Funds, ...
- Proceed through the application and answer the questions accordingly.
- You will see a page where you can select Cryptocurrency, and the option to upload your cryptocurrency trades.
- If you have just a few transactions, you can select Try another way, and then select Type it myself.
Your cryptocurrency loss can offset other capital gains that you may have. Moreover, that loss may be able to offset some of your ordinary income. TurboTax will calculate how much of your loss can be used to offset gains and/or ordinary income as well as how much, if any, of your loss will carryover to next year.
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