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Can turbotax report each cryptocurrency transaction uploaded rather than aggregate all into 1 line item? Isn't the IRS looking for all individual transactions?

 
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3 Replies
VictoriaD75
Expert Alumni

Can turbotax report each cryptocurrency transaction uploaded rather than aggregate all into 1 line item? Isn't the IRS looking for all individual transactions?

Which version of the software are you using and how many transactions do you have to report? TurboTax Online can handle up to 1,500 transactions per brokerage account. However, online performance may deteriorate as you get close to this limit.

 

If you have more than 1,500 stock transactions with a total sales volume of less than ten million dollars, you can switch to the TurboTax CD/Download software (which handles around 2,000 transactions per brokerage) or enter the transactions on Form 8949 using summary data from your broker statements.

 

Entering more than 2,251 cryptocurrency transactions

 

 

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Can turbotax report each cryptocurrency transaction uploaded rather than aggregate all into 1 line item? Isn't the IRS looking for all individual transactions?

 

I am using Turbotax Online. I have around 300 transactions and it was able to handle all of them, but rather than reporting each individual transaction, it aggregates them into 1 line item on the 8949. I had thought the IRS is wanting to see each individual transaction but is this summary line item all that is needed?

 

Before the crypto reporting options were integrated into Turbotax I would mail in a separate form 8543 along with all individuals transactions. Should I still do that in this instance? 

 

Thank you for your time 

JohnB5677
Expert Alumni

Can turbotax report each cryptocurrency transaction uploaded rather than aggregate all into 1 line item? Isn't the IRS looking for all individual transactions?

You are absolutely correct.  Form 8453 is used to mail certain paper documents to support data within a taxpayer's e-filed tax return.

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