Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
tgneckar
New Member

How do I use Turbotax to report Bitcoin usage? If I treat it as a stock, the form asks for the number of shares. Example: 2.873421 Bitcoin sold - gets an error.

I have over 80 sell entries to make.  How can I do that?
1 Best answer

Accepted Solutions
TomK
New Member

How do I use Turbotax to report Bitcoin usage? If I treat it as a stock, the form asks for the number of shares. Example: 2.873421 Bitcoin sold - gets an error.

To enter sales of 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 Premier Edition:

 1.     Click on the Federal tab.

2.     Click on Wages and Income.

3.     Click on Investment Income.

4.     You'll list each trade/sale in the Stocks, Mutual funds, Bonds, Other interview

5.     “Did you get a 1099-B or a brokerage statement for these sales?”  Click on “No

6.     “Choose the type of investment you sold” Click on Everything else

7.     Translate proceeds of each sale into US dollars at the time of the sale.

8.     Repeat for each gain/loss.

  

Follow the steps below to import your cryptocurrency transactions (the import is limited to the first 500 lines:(

1.     Click on Personal Income Tab

2.     Scroll down to Investment Income

3.     Click on Start button next to “Stocks, Mutual Funds. Bonds, Other”

4.     Click on “Yes” when asked “Did you sell Any Investments in 2017?”

5.     You will then have the option to Import from a TXF file.


If you prefer to use TurboTax Online:

1.     Enter the summary information from the form.

2.     Mail in the statement.  

View solution in original post

2 Replies
TomK
New Member

How do I use Turbotax to report Bitcoin usage? If I treat it as a stock, the form asks for the number of shares. Example: 2.873421 Bitcoin sold - gets an error.

To enter sales of 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 Premier Edition:

 1.     Click on the Federal tab.

2.     Click on Wages and Income.

3.     Click on Investment Income.

4.     You'll list each trade/sale in the Stocks, Mutual funds, Bonds, Other interview

5.     “Did you get a 1099-B or a brokerage statement for these sales?”  Click on “No

6.     “Choose the type of investment you sold” Click on Everything else

7.     Translate proceeds of each sale into US dollars at the time of the sale.

8.     Repeat for each gain/loss.

  

Follow the steps below to import your cryptocurrency transactions (the import is limited to the first 500 lines:(

1.     Click on Personal Income Tab

2.     Scroll down to Investment Income

3.     Click on Start button next to “Stocks, Mutual Funds. Bonds, Other”

4.     Click on “Yes” when asked “Did you sell Any Investments in 2017?”

5.     You will then have the option to Import from a TXF file.


If you prefer to use TurboTax Online:

1.     Enter the summary information from the form.

2.     Mail in the statement.  

tgneckar
New Member

How do I use Turbotax to report Bitcoin usage? If I treat it as a stock, the form asks for the number of shares. Example: 2.873421 Bitcoin sold - gets an error.

After I enter "Yes" on #4, I never see an option to import from a txf file.
Dynamic AdsDynamic Ads
Privacy Settings
v