634207
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
lisaplunkett1128
New Member
starkyfubbs
Level 4
jjhz
New Member
keithl1
Returning Member
misstax
Level 2