Your basis (also known as your “cost basis”) is the amount you spent to acquire the virtual currency, including fees, commissions and other acquisition costs in U.S. dollars. Your adjusted basis is your basis increased by certain expenditures and decreased by certain deductions or credits in U.S. dollars. For more information on basis, see Publication 551, Basis of Assets.
- Maintaining a record of the cost basis is your responsibility.
- TurboTax has no ability to know what transactions you have made.
- Many of the coin-based platforms will assist you with this.
- If the cost basis is missing, you will have to enter it manually.
To post cryptocurrency manually:
Start with Federal
- Wages and Income
- Scroll to Investments & Savings
- Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) [Start or Revisit]
- If you already have an entry select the appropriate broker or add another account.
- Continue to follow the interview.
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