How can I generate Form 8949 to account for Crytpo capital loss?

[egarren]

I followed these instructions to generate and upload a Crypto CSV to TurboTax (https://ttlc.intuit.com/turbotax-support/en-us/help-article/cryptocurrency/upload-csv-file-crypto-tr...). However, when reviewing my return, TurboTax did not generate a Form 8949 and my Crytpo capital losses were not accounted for. Under the TurobTax investment section, Crypto shows up, but there is no total (unlike my other investment sections).

[JamesG1]

Crypto uploaded from a .CSV in TurboTax Online Premium looks like this.

I click Edit and the transactions look like this.

TurboTax prepares an IRS form 8949.  

It sounds like whatever data was imported into your tax return, does not carry any values.

Are you able to view the transactions lines in the .CSV using Excel or other software?  Are the dollar amounts actually there?

[egarren]

Thank you for the reply and screenshots @JamesG1 . My Crypto section does not show a "total gain". When I click "View Transactions" I am able to see my transactions, but the columns are labeled differently that yours. See screenshot below:

I am able to see all the transactions and dollar amounts in Excel too.

[JamesG1]

I'm sorry that I am not able to view the .PNG files.

At the screen What's the name of the crypto service you used? were you given a choice of:

• Gain/Loss Report or Form 1099-B, or
• Raw transaction activity?

If you were given a choice, perhaps you should upload using the other choice?

[egarren]

Thanks @JamesG1 . I chose "BlockFi" and was not given a choice (it was only the "Raw transaction activity" option). 

To test if the other option worked, I tried using "Coinbase" and clicking "Gain/Loss report or Form 1099-B". However, when I try to upload the CSV that way I get the following error:

We’re having trouble with your file

turbotax_crypto_export.csv

Here are some common fixes that might help:

•Make sure you’re uploading a CSV of your crypto sales.

•Make sure your file name ends with .csv and add it if it’s missing.

•Try downloading your file again from Coinbase in case it’s damaged.

•Check your internet, a slow connection can interrupt your upload.

•Make sure your file isn’t password protected.

•Wait a few minutes and try again.

[egarren]

@JamesG1 

To follow up, I tried uploading the example CSV from TurboTax to see if there was something wrong with my CSV. I downloaded the example CSV from here (https://ttlc.intuit.com/turbotax-support/en-us/help-article/cryptocurrency/create-csv-file-unsupport...) and received the same error. This makes me think there is not a problem with my CSV, but something else is going wrong. Do you have any advice? Thanks.

[JamesG1]

I downloaded the example CSV file that you referred to at this TurboTax Help.

I saved the file to my laptop hard drive as an Excel worksheet.

Within Excel, I removed all of the transaction lines except for:

line 1 which reported the headings,

line 2 which reported a BTC buy, and

line 3 which reported a BTC sale.

Within Excel, the data looked like this.

Then I saved the Excel file as a CSV.

At the screen Select the Crypto experience, I selected Upload it from my computer.

At the screen What's the name of the crypto service you used, I selected Other, the crypto name and Raw transaction activity.

In TurboTax Premium Online, I was able to import the CSV file.  The transactions may be seen here.

I am able to Continue and view the contents under Investments and Savings here.

I am able to Review the tax return.

Granted, I did not test the Rewards, Staking and, perhaps, other transactions, but I was able to test a straight import of buy-sell activity.

Hope that this helps.

[egarren]

Thanks @JamesG1 . This worked and I was able to upload both the TurboTax template and my own CSV. However, in both cases, I still have the same problem I originally posted. ie.  TurboTax did not generate a Form 8949 and my Crytpo capital losses were not accounted for. Under the TurobTax investment section, Crypto shows up and I am able to review the transactions, but there is no gain/loss total on the main Investment Income page (unlike my other investment sections).

[JamesG1]

Are the transactions reflected on Schedule D Capital Gains and Losses but not showing up on an IRS form 8949 Sales and Other Dispositions of Capital Assets?

IRS form 8949 states that code A transactions in Part I and code D transactions in Part II  aren’t required to report these transactions on Form 8949.

These totals may be entered on Schedule D, line 1a or line 8a.

@egarren 

[egarren]

My Schedule D has nothing in line 1a or line 8a.

I ultimately decided to follow your advice from this post to enter my crypto gain/loss, which ended up working.

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/blockfi-liquidation-o...