Coinbase Download a Mess

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Can I just ignore all the Trade and Unstake transactions? It seems like TurboTax doesn't know what to do with most of this stuff. I didn't do enough to generate a 1099 from Coinbase.

There are over 220 rows in the CSV, but when I look at the pdf from Coinbase, it seems that most of these are just children (lots) of the main Sale or Convert transactions (there's only 17 of them). Can I just enter those 17 main with the cost basis and proceeds?

JamesG1

Alumni - Intuit

You are able to correct and edit Coinbase transactions that have been imported into TurboTax Premium Online.

Select the box to the left to invoke Bulk Ignore / Bulk Edit.

The Search box and Search funnel allow you to review certain types of transactions.

The pencil icon to the right allows you to correct or edit the transaction.

Retain a copy of the original .PDF or .CSV file with your tax return records should a tax authority have a question at a later time about entries being removed, edited or corrected.

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tsultrimyardaAuthor

Level 2

In the review phase, the Bulk Edit screen does not work properly nor offer a Bulk Ignore. I tried it.

MarilynG

Alumni - Intuit

Yes, since you stated that very few of your crypto transactions result in a gain or loss, you could delete your imported CSV (keep for your records) and manually enter the few that have tax consequences.

Depending on the situation, cryptocurrency is taxed as:

Ordinary income, if for example, it earns a return for the holder from an income stream (similar to interest) or
A capital gain or loss from a sale of property after its value has increased or decreased
If merely bought and held, it’s not taxed until something is done with it, such as disposal

Here's more info on Reporting Crypto Transactions and a Crypto Guide.

@tsultrimyarda

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