Hello,
2022 was the first year I tried trading cryptocurrency, and ultimately lost quite a bit.
I purchased a cumulative amount of $9615 through both MoonPay and Coinbase, and at the end of the year cashed out $387, trying to save what little I had left over. I had 0 assets in crypto after cashing out.
Ultimately, that means I lost $9.2k roughly.
Does anyone know of any guides how to report crypto losses on TurboTax? Especially when I purchased multiple transactions that add up to the $9615, listed above. I have traceable items on my bank statement that add up to the total purchase of Crypto, and also the cash out of $387 in 2022 on the same statement.
Coinbase or MoonPay is not providing me with any forms, since it thinks I didn't make enough to report to the IRS in 2022.
thanks!
You report your cryptocurrency sales as property sales even if you did not receive any tax document from your broker. If you have held the cryptocurrency for a year or less, the gain/loss is a short term capital gain/loss. If you held it for more than a year, the gain/loss is long-term.
Please read this TurboTax Help article on how to report the sales.