The desktop version does not have crypto in the wording and requires different handling. It is still under Investment Income. Select Start next to Stocks, Mutual Funds, Bonds, other. Additionally, if you have a foreign wallet, that is considered a foreign asset and may require filing Form 8938. See About Form 8938, Statement of Specified Foreign Financial Assets,
The IRS expects each transaction looked at in case of any of the transactions were loss due to personal use, such as lunch at Starbucks or payments towards bills, etc. Loss on use of personal property should not be included on your return.
Select an entry option:
1. Enter the total short term on one line and total long term on the next line. Mail in a copy of your 1099-B. Very easy and the program gives you the instructions.
2. You may be able to convert your .csv file to a .txf file and upload it into TurboTax Desktop version.
Follow these steps outlined by JoeFM here.
- Create a .csv file with all transactions using the format shown at Easytxf.
- Used Easytxf to convert the .csv file into .txf file.
- Import .txf file into Turbotax Desktop: File / Import / From Accounting Software / Other Financial Software (TXF) file / Continue / Choose a File to Import / Import now.
- A 1099-B with all Crypto transactions is now created. This entry can now be edited to include the account details. Each transaction can be edited as well.
3 .You can make your own csv file. Manually change your columns to 5 columns in this order:
- Purchase date
- Date sold
- Proceeds
- Cost basis
- Currency name
Then you can upload the document and select 1099-B as the type.
The last option is the easiest if you are already following IRS rules. See my post here with IRS expectations.
@Crypto_Dave
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