Solved
Crypto Currency
Can you write off losses in crypto currency? If so, on what tax form are the losses or gains reported? Thank you.
According to IRS Notice 2014-21, the IRS considers cryptocurrency to be property, and capital gains and losses need to be reported on Schedule D and Form 8949 if necessary.
Entering Cryptocurrency transactions into TurboTax:
- Open your return.
- Search for cryptocurrency in the search box (upper-right corner).
- Click on Jump to cryptocurrency.
- Enter your transactions..
Or
Entering Cryptocurrency transactions into TurboTax:
- Open your return.
- Click on Federal tab.
- Click on Income & Expenses.
- Under Your income and expenses¸ Scroll down to Cryptocurrency, and Click on the Start/Edit/Add.
[Edited 1/07/2022 | 9:58am PST}
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