I earned free crypto and then traded it later on. In my CSV file, it shows that both proceeds and cost basis is $0. It's asking in the Review section to file those. How?

[mlobatos00]

Do I just continue to put $0 for the proceeds and cost basis? Or do I manually calculate something?

[ThomasM125]

The proceeds would be what you sold it for and the cost basis would be $0. You should enter that way in TurboTax.

[mlobatos00]

If the proceeds is also $0 then would I just put $0 for both?

[KrisD15]

To clarify, 

How did you EARN this crypto? 

Normally, when you earn it, you claim it as income at the value amount at the time you gain control of it. 

That becomes your "Cost Basis".

When you trade or sell it, the proceeds is what you sell it for. The Proceeds less Cost Basis is capital gain. If you sold for less than your Cost Basis, you have a loss. 

Are these amounts fractions? If so and you have several, add them together and enter as a summary. 

Separate Long Term (more than one year) from Short Term ( one year or less)

[mlobatos00]

I earned it by watching a video of a certain crypto which at the end will give me free crypto. In my CoinTracker account, when I received the crypto the cost basis was $0.0003. I would have 12 of the same transactions type (receive). I am lost on what to do. 

[JamesG1]

If I understand you correctly, you earned 12 X $0.0003 = $0.0036 when you acquired the crypto. 

The IRS says that this is a taxable event but in this case the income rounds to $0.

If the crypto was sold for $1.00 each, you earned 12 X $1.00 = $12.0000

Your cost basis is what you earned it for so that is                      $   .0036

Second taxable event is this gain                                                $11.9964 which rounds to $12.00

It is a long term gain if you owned one year plus one day or more, short term if it was a shorter period of time than that.

@mlobatos00

[mlobatos00]

Okay, now in the turbotax website, it lists me every single transaction of those 12 and i have individually calculate it for every single transaction. Hopefully I'm not confusing you. If I traded all of those 12 into another crypto how do i calculate it to find my proceeds?

[KrisD15]

To clarify

When you traded those 12 crypto for other virtual currency, what was the other currency worth in US dollars? 

[mlobatos00]

There is no way for me to find out, the CSV file doesnt show how much it was but I traded it for 14.07143787 DOGE and the cost basis for that was $2.29. I am assuming to find out how much it is, all you do is 14.07143787/2.29=[phone number removed]100275. So if I am correct, it is .16274100... per share. Right?

[mlobatos00]

In my CSV file, it didn't show the amount of how much it costed. I looked it up and I believe to find how much it was in USD it would be by doing the amount and dividing it by the cost basis. So the amount the other crypto I traded it was 14.07143787. The cost basis of that was $2.29. If I divide that (14.07143787/2.29) it would come out to .1627410092100275. If I am correct, this must be the amount each share costed. 

[GeorgeM777]

Your preface to your question indicates that the cryptocurrency that you sold was obtained for free.  If it was obtained without cost, then the cost basis would be zero.  

@mlobatos00

[mlobatos00]

what would the proceed be?

[JohnB5677]

I've read these posts and I'll try to consolidate them:

Crypto 1 you got for "Free" .  12 units at a fractional cost less than $1 = Basis "$0"

You traded Crypto 1 for 14.07 DOGE = Value of $2.29

$2.29 are the proceeds for Crypto 1

$2.29 is also the basis for DOGE

The only taxable transaction so far is Crypto 1 Basis "$0" Proceeds $2.29 

[Critter-3]

Since each sale was much less than $0.50 then you can simply delete all those zero basis zero sales cost entries. Something that's small that doesn't even round up to $1 does not even need to be reported.