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
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
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...?