Calculate crypto losses

Forum|Forum|3 years ago
February 16, 2023
3 replies
20 views

For "Proceeds" Field

If I start off with for example;

6 AVAX
Cost or basis = $100
Start Value of each coin was = $22

Sold 3 AVAX
Value at time of sell per coin was $16.

How do I calculate the Proceeds Field? I tried putting in a negative number but it just seemed off. And I didn't sell all 6 but there isn't a place to account that only 3 were sold and at a loss.

I don't see any examples of this and am stuck at the Crypto section.

TurboTax Self Employed Online

JamesG1

Level 15

6 units have cost basis of $16.66 each and total $100.00 investment.

Selling 3 units @ cost basis of $16.66 = $49.98

Sales proceeds 3 units @ $16.00 = $48.00

Capital loss = $ 1.98 reported on IRS form 8949 / Schedule D Capital Gain and Loss

Please follow these directions.

Go to Federal / Wages & Income / Your income / Investments and Savings.
Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Click Add investments.
At the screen Get ready to be impressed, click Continue.
At the screen Let’s import your tax info, click Enter a different way.
At the screen OK, let’s start with one investment type, select Cryptocurrency. Click Continue.
At the screen Select your crypto experience, select Type it in myself. Click Continue.

@kegei

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kegeiAuthor

Level 2

Hey, so crypto from voyager app wont let you just import.

2ndly there isnt a "reported on IRS form 8949 / Schedule D Capital Gain and Loss" section in the turbotax manually table. So would that capital loss go in the proceed section? And would kt be a negative or positive number?

RobertB4444

Level 15

You have to enter every transaction you have. Since your broker doesn't export to TurboTax you'll go through one by one and do the following-

First, in the wages and income section scroll down to Investment Income

Click on start next to Stocks, Mutual Funds, Bonds, Other

Click yes on did you sell any investments

Click yes on did you get a 1099-B

Select "I'll Type It In Myself"

Select "My brokerage isn't here" from the drop down menu and type the name of your brokerage in the box that appears

Select "I'll enter one sale at a time"

Now you need six pieces of information about each sale -

Description is the name of what you sold

Date sold is the date that you sold it

Date acquired is the date that you bought the crypto

Sale proceeds is how much you got in the sale - doesn't matter whether the end result is negative or not, just type in how much you got as a positive number

Cost or other basis is how much you paid for the crypto when you bought it - also always a positive number

Lastly, the sale category is on your 1099-B. Covered refers to whether the IRS was told how much you paid for the crypto when you bought it. Non-covered means the IRS doesn't know how much you paid.

The system will figure out whether you made or lost money overall.

@kegei

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