Virtual Currancy

jtnaso — Mon, 07 Feb 2022 16:00:32 GMT

I am using Turbo Tax Deluxe. I marked the YES box about virtual currancy. Where do you enter transactions where you exchanged one token for another? How do I report these transactions. Wht form needs to be used?

Thanks

Re: Virtual Currancy

JohnB5677 — Mon, 07 Feb 2022 16:20:14 GMT

A taxable transaction will occur when you sell, trade, or otherwise exchange a cryptocurrency.

You are required to provide a summary of each transaction. This will include:

Description
Date of acquisition
Cost or value at acquisition (may be zero)
Date of sale or exchange
Value or proceeds upon exchange
All associated costs

This will all be entered in the Stocks, Cryptocurrency, Mutual Funds, Bonds, Other section

Tax on Cryptocurrency

To manually post your cryptocurrency transactions manually you can follow these steps.

In the Wages and Income section under
Investments and Savings (or Investment Income),
select Start or Revisit next to Crypto (1099-B)
On the next screen, you may see Did you sell any of these investments in 2021? or Time to kick off your investments!, select either Yes or Okay!
On the We can make this faster screen, select Enter a different way, and then select Cryptocurrency on the following screen
1. If, instead, you’re asked to select an investment type, select Cryptocurrency
2. You’ll then see the Get ready to be impressed screen. Select Continue, then select Try another way
Select Type it in me on the Select your crypto experience screen
On the Let’s enter your crypto tax info screen, search for your cryptocurrency exchange
On the Did you get a 1099-B screen, answer accordingly
1. If you didn’t get a 1099-B, skip stepping 11
Continue answering the interview questions to help us determine the best way to enter your transactions, then select Continue
Depending on your answers, we’ll recommend either entering your sales One by one or as Sales section totals
If you answered yes to getting a 1099-B in step 7, we’ll help you find your sales on your form. Then select Continue
Enter your sale information on the next screen, then select Continue
Review your sales information. Repeat these steps for any additional transactions.

Re: Virtual Currancy

jtnaso — Thu, 10 Feb 2022 17:32:40 GMT

Cryptocurrancy is not listed under the investment income section. Do I just use the stock feature?

Re: Virtual Currancy

Vanessa A — Thu, 10 Feb 2022 20:12:37 GMT

Yes, you will enter it in stock feature as it is treated the same as sale of stock.

Re: Virtual Currancy

jtnaso — Thu, 10 Feb 2022 20:52:15 GMT

Thank you. I suggest that in the future that you tell people to use the stock feature and not indicate to look for the Crypto lable.

Have a great day.

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