COINBASE

[robertpenny]

I am doing my son inlaw and daughter's taxes.  He has a summary sheet from COINBASE showing a short term capital loss and an income statement from various sources.  I entered the loss in "Other" for the tab.... Stocks, Mutual Funds, Bonds, Other.  I could not enter the financial institution though as COINBASE.  I entered the income under the tab..Miscellaneous Income.   He had investment costs also which I added in the Deductions section...Investment Expenses which doesn't work on the FED return but does for the State return.  Does this sound logical??....Thank you, Bob

[JamesG1]

Do the Coinbase transactions appear on IRS Form 8949 Sales and Other Dispositions of Capital Assets and Schedule D Capital Gains and Losses?  That is where this income should appear on the 2021 Federal 1040 tax return.

In TurboTax Desktop, view these at Forms in the upper right hand corner of the screen.

In TurboTax Online, you may view these forms at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.

Tax Cuts and Jobs Act of 2017 made investment-related expenses no longer deductible as an itemized deduction. See this TurboTax Help.

[robertpenny1977kingpoint]

No it's just a summary sheet that isn't sent to the IRS.  It does list short term capital gains (a loss) and an income statement of $1660 and change.   I entered the capital short term loss under a stock sale with no IRS docs and TURBO TAX accepted the inputs.  I entered the income under the "Misc. Income"section in Turbo Tax.  From what I am reading they don't have to submit info to the IRS (Crypto companies) until tax year 2023.

I also do AARP tax returns and passed 3 IRS tests but AARP is not allowed to do tax returns with crypto, bitcoin, etc.  So I am not too familiar with this.

Thanks for taking a look at this.  Robert