2892391
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I withdrew a lot of my crypto and put it on a hard wallet. It is counting it as a loss on Turbotax, but I still own it... what do I do?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
JamesG1
Expert Alumni

I withdrew a lot of my crypto and put it on a hard wallet. It is counting it as a loss on Turbotax, but I still own it... what do I do?

You stated:  "It is counting it as a loss on TurboTax".

 

Transferring from one wallet to another is addressed by @ColeenD3 here:

 

Not every transfer of funds is considered a sale. For the user, sending bitcoins from a one wallet to another wallet, for example, is only a transfer and not a sale since the user is still in possession of the coins.

 

Your entry that was downloaded into TurboTax at Federal / Wages & Income / Your income / Investments and Savings / Stocks, Cryptocurrency, Mutual Funds, Bonds, Other may need to be removed or adjusted.  The correction may be done here.

 

 Rectangle

Description automatically generated with medium confidence

 

 @cameron-marcoux7 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question