TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Solved

Coinbase

Forum|Forum|3 years ago
March 15, 2023
1 reply
13 views

hello: I bought $500 of crypto from Coinbase Global, Inc. in April, 2022 and sold it at a loss the next month for $242.45. Because this transaction was less than $600, Coinbase did not send me a 1099-B.

I am using TT Premier CD version and I decided to enter the transaction under Wages and Income/"Here are your sales that are not reported on a Form 1099-B"

I entered Coinbase Global as the descriptor. It appears to show up in my forms but the TT labeled it a "NO FINANCIAL INSTITUTION"

My question is: did I do it correctly?

Ask the Experts - Crypto - Mar 2023

Best answer by DianeW777

Yes, as long as you see that your loss is allowed. You report it under Wages & Income and Investment Income selecting Stock, Mutual Funds, Bonds , Other to record your 1099-B even though you didn't actually get a document. When you enter it here you are allowed the loss you sustained on the purchase and sale of your crypto.

Crypto Info Center

[Edited: 03/14/2023 | 9:16 a PST]

DianeW777Answer

Level 15

Yes, as long as you see that your loss is allowed. You report it under Wages & Income and Investment Income selecting Stock, Mutual Funds, Bonds , Other to record your 1099-B even though you didn't actually get a document. When you enter it here you are allowed the loss you sustained on the purchase and sale of your crypto.

Crypto Info Center

[Edited: 03/14/2023 | 9:16 a PST]

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"