What is the most appropriate way to report the gains or losses from Coinbase transactions?

[TomYoung · Accepted solution]

Sales of crypto currencies are reported using the "Stocks, Mutual Funds, Bonds, Other" interview, telling TurboTax that no 1099-B was received.  As to the "type" of investment sold you can simply use "Everything else."

Even a "swap" of one crypto currency into another crypto currency is considered a reportable sale.  You convert the new crypto currency received into US Dollars at the spot price of the new coin at the time of the sale; that's the reported "proceeds" for the sale of the old coin and it's also the basis of the new coin.

Tom Young

[ruck0036]

Thanks Tom, can you comment on the Sale Category?  If I bought and sold the coin over the course about a week, that must be short term. But Covered/Not-covered...?

[TomYoung]

If you tell TurboTax that no 1099-B was received, then "covered/noncovered" is not an issue.  Than only pertains to sales reported on a 1099-B.