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Level 2
posted Jan 3, 2022 2:56:42 PM

If I have my cryptocurrency transactions from Coinbase, can Turbotax calculate gains and losses for me?

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2 Replies
Level 15
Jan 3, 2022 4:45:29 PM

If you enter the acquisition date, basis, sale date, and proceeds for each sale, TurboTax will calculate the gain or loss on each sale and your net gain or loss. But you can't just enter a list of purchases and sales. You have to identify the acquisition date and basis for each sale.

 

Level 2
Jan 4, 2022 6:04:35 AM

Thanks for explaining that to me. Other tax software can do that for me for free. I need a tax software that can calculate my cost basis. Do you have any recommendations? Why doesn't Turbotax incorporate a cost basis calculation? 

 

This would all just be a lot easier if Coinbase offered 1099's......