Can Someone Help?
Below is the Universal Template for the Crypto transaction .csv file that TurboTax wants you to use to upload. I have .csv files from the two exchanges that I use and also from the Crypto Tax aggregator TaxBit. The problem is that none of the .csv files look anything like what TurboTax wants you to use and I don't understand what some of these columns mean.
Could someone who is familiar with this template explain the definition of each column so I can compile the information the way TurboTax will except?
The other problem is the number of transactions. I have over 10,000 transactions and TurboTax says in its videos that it will accept up to 22000, however, when I try to upload the file from TaxBit it tells me that TurboTax will only accept 4000 lines. Why the discrepancy?
Type | Sent Asset | Sent Amount | Received Asset | Received Amount | Fee Asset | Fee Amount | Market Value Currency | Market Value | Description | Transaction Hash |
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While I cannot speak to the discrepancy in the transaction number difference, I will say I have not heard that TurboTax will safely import that high a number of transactions. I have heard numbers substantially less than that.
While not perhaps an ideal solution, I believe I can give you a workaround to assist you in getting your return completed and filed. You should request if you do not already have one, Form 8949 from the issuing agency. The 8949 is what you might call a summary of all transactions form. Delete all imported transactions if you have made any successfully, and enter the totals as a single transaction as shown on the 8949. There are separate sections for short-term and long-term transactions.
You may want to attach a pdf copy of the 8949 to your return for verification purposes. Attaching a pdf to your return may make you manually complete Form 8453 and submit that form with the pdf of the 8949.
The IRS is concerned that you are properly reporting your total capital transactions with their associated cost basis and while individual transactions are important, the totals are the most important.
@Anonymous
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