topic I spoke with a TurboTax representative. The solution for... in Investors & landlords

Which income section do I enter cryptocurrency trading gains?

haunty — Mon, 03 Jun 2019 18:51:33 GMT

Follow these steps in the Premier Edition: Select the Fe...

ErinH — Mon, 03 Jun 2019 18:51:34 GMT

Follow these steps in the Premier Edition:

Select the Federal tab
Select Wages and Income
Select Investment Income
You'll list each trade/sale in the Stocks, Mutual funds, Bonds, Other interview
When asked Did you get a 1099-B or a brokerage statement for these sales? select No
When asked to Choose the type of investment you sold select Everything else
Translate proceeds of each sale into US dollars at the time of the sale
Repeat for each gain

Using this method will give you an error while trying to...

lawrence3rd — Mon, 03 Jun 2019 18:51:35 GMT

Using this method will give you an error while trying to efile. Is there an alternative method that can be used to Efile?

I also just got an error for this. I'm glad I'm not alone...

amuradian04 — Mon, 03 Jun 2019 18:51:37 GMT

I also just got an error for this. I'm glad I'm not alone...but its frustrating

Also got an error.

blakethomson29 — Mon, 03 Jun 2019 18:51:38 GMT

Also got an error.

Is your error, "Part III, line 5c, should not be greater...

amuradian04 — Mon, 03 Jun 2019 18:51:39 GMT

Is your error, "Part III, line 5c, should not be greater than the gross sales price"?

https://ttlc.intuit.com/questions/4206731-in-turbotax-online-getting-error-at-review-capital-gains-wks-part-iii-line-5c-should-not-be-greater-than-gross-sales-price">https://ttlc.intuit.com/questions/4206731-in-turbotax-online-getting-error-at-review-capital-gains-wks-part-iii-line-5c-should-not-be-greater-than-gross-sales-price</a>

Yes, then when I switched my existing entry from "Everyth...

blakethomson29 — Mon, 03 Jun 2019 18:51:42 GMT

Yes, then when I switched my existing entry from "Everything Else" to "Personal", I was still getting the error. The only way to fix it was to delete the existing entry, choose "Personal" from the start, then go back to Review.

I spoke with a TurboTax representative. The solution for...

lawrence3rd — Mon, 03 Jun 2019 18:51:43 GMT

I spoke with a TurboTax representative. The solution for me was to download my current return in progress and edit the lines using the desktop app. It wont allow you to edit these fields online. Hope this helps everyone.

Hey Intuit, You might want to get your ACT together...thi...

richovercash — Mon, 03 Jun 2019 18:51:45 GMT

Hey Intuit, You might want to get your ACT together...this is terrible implementation

Shouldn't this be reported as stock, we do pay transactio...

luke-staniec — Mon, 03 Jun 2019 18:51:47 GMT

Shouldn't this be reported as stock, we do pay transaction/commissions etc. All tax services should be on this, they saw this coming at least a year in advance....

wtf

sinaki57 — Mon, 03 Jun 2019 18:51:50 GMT

wtf

Hi Everybody, I had to figure this out for one of our won...

erikajesus — Mon, 03 Jun 2019 18:51:52 GMT

Hi Everybody, I had to figure this out for one of our wonderful TurboTax customers!

Please follow these instructions to report your cryptocurrency.

1)    Log in to TurboTax and click to continue your tax return.
2)    On the left side bar, click TOOLS
3)    The Tools Center will open up, click Topic Search.
4)    In the search box for Topic Search, type Cryptocurrency
5)    Select cryptocurrency from the list and click the blue GO button.
6)    You will land on a page that asks “Did you sell or trade cryptocurrency in 2018?”.
7)    Click YES
😎    From here, you can import your cryptocurrency info.  If you do not see the service you use, then you will need to type in the info yourself.

This is a pretty good TurboTax article that discusses cryptocurrency.  <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q">https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q</a>

Hope that helps!

na

sugmikey25 — Mon, 03 Jun 2019 18:51:53 GMT

Re: Which income section do I enter cryptocurrency trading gains?

bdm525 — Sun, 01 Mar 2020 05:17:43 GMT

The last information I read regarding crypto is that the IRS is considering crypto as PROPERTY and NOT investment income. Either way TurbTax is dropping the ball on this and it's ridiculous.

Re: Hi Everybody, I had to figure this out for one of our won...

gorania — Wed, 11 Mar 2020 16:00:36 GMT

this does not work for downloaded turbotax premier. typing crypto in the search topics reveals no entries. pretty big oversight, sorely disappointing.

Re: Hi Everybody, I had to figure this out for one of our won...

JohnB5677 — Thu, 12 Mar 2020 20:45:28 GMT

Bitcoins held as capital assets are taxed as property

If Bitcoin is held as a capital asset, you must treat them as property for tax purposes. General tax principles applicable to property transactions apply. Like stocks or bonds, any gain or loss from the sale or exchange of the asset is taxed as a capital gain or loss. Otherwise, the investor realizes ordinary gain or loss on an exchange.

Bitcoin miners must report receipt of the virtual currency as income

Some people "mine" Bitcoin by using computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger.

According to the IRS, when a taxpayer successfully “mines” Bitcoin and has earnings from that activity whether in the form of Bitcoin or any other form, he or she must include it in his gross income after determining the fair market dollar value of the virtual currency as of the day you received it. If a bitcoin miner is self-employed, his or her gross earnings minus allowable tax deductions are also subject to the self-employment tax.

Please see this article: Tax Tips for Virtual Currency