The act of buying and/or selling the digital currency, as well as using it for barter (exchange for goods or services). This must be reported with or without documentation or statements. The IRS has determined that cryptocurrency is to be treated like property which means it can result in capital gain or loss.
If you do decide that you are actually Trading see how to report below.
- In TurboTax Online you will find Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) as a selection under Investment Income
- In TurboTax Desktop you will enter Cryptocurrency as a Stock, Mutual Funds, Bonds, Other, under Investment Income
- OR simply search for Cryptocurrency in the upper right
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