How to enter basis for selling crypto at a loss after claiming ordinary income on same

Forum|Forum|3 months ago
April 7, 2026
1 reply
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This is on Turbotax Premier Desktop. I received some crypto tokens last year and am claiming their value as Ordinary Income (let's say $10). I sold those tokens several weeks after receipt at a loss (let's say $5). How do I properly enter the Basis/Proceeds of the sale to account for the tax I'll be paying on the Ordinary Income vs the short term capital loss I incurred after selling? Don't want to get double-taxed.

JamesG1

Level 15

If you receive crypto tokens for services, include the property's fair market value (FMV) in income. The amount you include in income becomes your basis in the crypto tokens. Report the sale on Schedule D Capital Gains and Losses.

In TurboTax Desktop Premier, you may enter the sale transaction by following these steps:

Across the top of the screen, click Federal Taxes.
Across the top of the screen, click Wages & Income.
Click I'll choose what I work on.
Scroll down to Investment Income and click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Click Add investments.
At the screen Let Us Enter Your Bank and Brokerage Tax Documents, click Skip Import.
At the screen OK, let’s start with one investment type, select Digital Assets. Continue.
At the screen Let's get started typing in your digital asset info, enter the information. Click Continue.
At the screen Did you get a 1099-DA?, select No.
At the screen Now, enter one sale, enter the sale information including cost basis.
When complete, click Continue.
At the screen Let us know if any of these situations apply to this sale, enter information. Click Continue.
Repeat as necessary by clicking Add another sale. Click Continue.