Cryptocurrency trades (bitcoin, etc) filing?

Forum|Forum|7 years ago
June 7, 2019
1 reply
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What section do I document trades on cryptocurrency exchanges. Ideally upload a csv

TurboTax Premier Online

BitcoinTaxes

Level 2

Bitcoin (and all digital currencies) are treated as personal property (google IRS 2014-21) so any profits made are recorded as capital gains income in USD, and put into Schedule D.

For this, go to "Personal", "Investment Income", "Stocks, Mutual Funds, Bonds, Other", and record each transaction with the date you sold the coins, for how much, when you acquired them, and for what.

You would include an entry for every trade you made, as well as every time you spent, since this would be disposing for something of monetary value.

TurboTax online doesn't support uploading of any files, so you'll have to enter them manually. However, the downloadable/CD version can import TXF files (not CSV). For that you would need to create your own or use a 3rd party such as our https://bitcoin.tax to create a TXF of your gains that can then be imported.

blocksmartcapita

Level 2

is there a way to upload TXF gain files (from cointracking.info) for a small business (since we did cryptotrading under an LLC)? we downloaded the turbo tax business software