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New Member
posted Mar 21, 2025 9:19:40 AM

My crypto transfers are showing up as sales, taxing me on my unrealized gain. how do I fix this?

If I move my own assets off an exchange, am I be taxed on a sale to myself? I still own these assets, they have not changed hands.

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3 Replies
Expert Alumni
Mar 23, 2025 6:48:44 AM

Wallet to wallet transfers are not a taxable event.

 

@georgepavliscak

[Edited 03/24/25 | 1:14 pm PST]

 

 

 

 

New Member
Mar 24, 2025 9:03:58 AM

No, that was not helpful.   I was able to correct my entries on Coinbase, since your software was not helpful in automatically interpreting this info.  If you have hundreds of crypto transactions, you must be better at translating these, or at least offering guidance or explanation which is not circular or self referential.  Nor was I able to wait a day for your response on this issue once I was in the taxes mindset.  Hopefully this will be in better shape for next year.

 

The summary, correct your transaction at the exchange level if possible, then re-import to turbotax.  

Expert Alumni
Mar 30, 2025 3:37:45 PM

Yes, it is always advisable to review your crypto transactions, to sort non-reportable from reportable, since you may need Form 1040, Schedule D, Form 8949, Schedule C, or Schedule SE to report your crypto activity.

 

Here's more info on Crypto Tax Forms, plus discussion of Sorting/Editing Crypto Transactions and How to Fix Multiple 'Needs Review' Errors to help you going forward. 

 

@georgepavliscak