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raleja0
New Member

If crypto-currency is held as property, what type of investment should it be labeled as? I don't see an option for other.

Would Everything else be considered other even though it refers to liquidated distributions?
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3 Replies

If crypto-currency is held as property, what type of investment should it be labeled as? I don't see an option for other.

"Everything else"
AmandaR1
New Member

If crypto-currency is held as property, what type of investment should it be labeled as? I don't see an option for other.

Yes, you can select the 'everything else' category.

Just like stocks and bonds, you won't report crypto-currency you hold. Instead, you'll report each transaction you had under capital gains/losses (just like with stocks/bonds). You may not receive any tax form, but just like with capital asset sales, you can enter each sale of currency under capital gains and losses. 

A sale includes anytime you made a purchase with cryptocurrency or you made a trade. You'll report what you received as the "sale price" and what you originally paid for the cryptocurrency, as your cost basis.  

The difference will be a gain or loss, and the net result (with all investment activity) is taxed at preferential capital gain rates. This Forbes blog post provides a good explanation that you might find helpful:https://www.forbes.com/sites/kellyphillipserb/2018/01/09/what-you-need-to-know-about-taxes-cryptocur...


For instructions on entering into TurboTax please see the following FAQ (you won't see the words "crypto currency" anywhere but that's ok):https://ttlc.intuit.com/replies/4790340

Let me know if you have any questions. 

maglib
Level 11

If crypto-currency is held as property, what type of investment should it be labeled as? I don't see an option for other.

personal use cryptocurrency must be reported on the personal section of everything else within the stocks, mutual funds area. If you use the crypto for purchasing goods and services, it is not investment.  Be careful.
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