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Level 3
posted Apr 9, 2022 10:54:07 AM

Binance.us crypto currency upload Desktop App?

I have the desktop app.   And I'm trying to figure out how to upload a CSV file  Of Finance transactions.  There is a way to do in on the online version.

 

https://ttlc.intuit.com/community/cryptocurrency/help/how-do-i-import-my-cryptocurrency-transactions-into-turbotax/00/2401540

 

But what about the Desktop App?

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1 Replies
Expert Alumni
Apr 13, 2022 11:57:58 AM

You may be able to convert your .csv file to a .txf file and upload it into TurboTax Desktop version.

 

Follow these steps outlined by JoeFM here. 

  • Create a .csv file with all transactions using the format shown at Easytxf.
  • Used Easytxf to convert the .csv file into .txf file.
  • Import .txf file into Turbotax Desktop:  File / Import / From Accounting Software / Other Financial Software (TXF) file /  Continue / Choose a File to Import / Import now.
  • A 1099-B with all Crypto transactions is now created.   This entry can now be edited to include the account details.  Each transaction can be edited as well.

You can upload a cryptocurrency TXF files into TurboTax CD/Download

  1. Tap File in the top right
  2. Select Import > From Accounting Software
  3. Select Other Financial Software (TXF file) 

Be sure to go through your transactions and remove all personal property losses. The IRS expects each transaction looked at in case of any of the transactions were loss due to personal use, such as lunch at Starbucks or payments towards bills, etc. Loss on use of personal property should not be included on your return. The gains are included along with any (gain or loss) transactions that were investment related. See what the IRS expects here.

 

Additionally, if you have a foreign wallet, that is considered a foreign asset and may require filing Form 8938. See About Form 8938, Statement of Specified Foreign Financial Assets.

 

You can enter 4 lines and cover the entire form.

Enter the totals for each: 

  • short term covered
  • short term non-covered
  • long term covered
  • long term non-covered

 

If you decide to enter summary data only,  you are required to send a copy of your 1099B to the IRS. Once you submit your electronic copy, TurboTax prints out a cover letter and instructions on where to send a copy of your 1099B.