I've got a 1099-B from Square for selling Bitcoin. Whats the appropriate investment type when documenting the sale in TurboTax? Doesn't seem to be one.

[matt98]

It would seem that stocks, bonds, mutual funds, etc. are options, but not anything else.

[JohnB5677 · Accepted solution]

You are correct.  You should post cryptocurrency transactions similar to stocks.

1. Income & Expenses

1. Scroll to Stocks, Mutual Funds, Bonds, Other
2. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
3. On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
4. From here, you can import or manually enter your 1099-B.

Note: You'll need TurboTax Premier, TurboTax Live Premier, or TurboTax Self-Employed, TurboTax Live Self-Employed, to add any 1099-B forms.

[aldunn2000]

I also have a 1099-B from Square Inc. for selling bitcoin my problem is there is a separate category for entering cryptocurrency transactions so if I enter my 1099-B in the stocks section and then enter it again in cryptocurrency then I am getting taxed twice for the same capital gain. The cryptocurrency section isnt for 1099-B thats in the stocks section, very confusing.

[fanfare]

The crypto section is for filers who will not get a 1099-B.

Don't enter your transactions twice.