If you exchanged one cryptocurrency intoanother, that is equivalent to a sale and purchase. The sales need to bereported to the IRS.To enter sales of cryptocurrency (capital assets) will requirethe Premier version or better if you use the online version ... or any of thedownloaded versions. Follow these steps in the TurboTax Online Premier Edition:On the left navigation bar, click Federal.Click on the Wages and Income tab at the top of thepage.Scroll down and click on Investment Income.Click on Stocks, Mutual funds, Bonds, Other. Continue with the onscreen interview.On the “Did you get a 1099-B or a brokerage statement for thesesales?” screen, click “No”On the “Choose the type of investment you sold” screen, clickon Everything elseTranslate proceeds of each sale into US dollars at the time ofthe sale.Repeat for each gain/loss entry.For additional information, click on Bitcoin and Cryptocurrency Help Center

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cwthomas24

Level 1

Solved

Where do I report cryptocurrency exchanges on my refund? What do I do if I exchanged one form of crypto for another and incurred losses?

Forum|Forum|7 years ago
June 6, 2019
1 reply
12 views

No text available

TurboTax Deluxe Online

Best answer by

If you exchanged one cryptocurrency into another, that is equivalent to a sale and purchase. The sales need to be reported to the IRS.

To enter sales of cryptocurrency (capital assets) will require the Premier version or better if you use the online version ... or any of the downloaded versions.

Follow these steps in the TurboTax Online Premier Edition:

On the left navigation bar, click Federal.
Click on the Wages and Income tab at the top of the page.
Scroll down and click on Investment Income.
Click on Stocks, Mutual funds, Bonds, Other.
Continue with the onscreen interview.
On the “Did you get a 1099-B or a brokerage statement for these sales?” screen, click “No”
On the “Choose the type of investment you sold” screen, click on Everything else
Translate proceeds of each sale into US dollars at the time of the sale.
Repeat for each gain/loss entry.

For additional information, click on Bitcoin and Cryptocurrency Help Center

Anonymous

Answer

If you exchanged one cryptocurrency into another, that is equivalent to a sale and purchase. The sales need to be reported to the IRS.

To enter sales of cryptocurrency (capital assets) will require the Premier version or better if you use the online version ... or any of the downloaded versions.

Follow these steps in the TurboTax Online Premier Edition:

On the left navigation bar, click Federal.
Click on the Wages and Income tab at the top of the page.
Scroll down and click on Investment Income.
Click on Stocks, Mutual funds, Bonds, Other.
Continue with the onscreen interview.
On the “Did you get a 1099-B or a brokerage statement for these sales?” screen, click “No”
On the “Choose the type of investment you sold” screen, click on Everything else
Translate proceeds of each sale into US dollars at the time of the sale.
Repeat for each gain/loss entry.