Crypto g/l and TT deluxe desktop problem

Forum|Forum|4 years ago
February 9, 2022
3 replies
25 views

I use TT Deluxe desktop. I've never had problems with capital gains/losses as I can always import the 1099 from my brokerage firm.

However, I also did some BTC purchases/sales via PayPal.
They just sent me a statement for my taxes (small loss).

I cannot import from PayPal. I do have a .csv file but again I cannot import such a file into TT Deluxe.

There is no investment feature in TT DELUXE.

I found another way: I created a new 1099-B and labeled it PayPal. I then could get one proceeds figure and one cost figure from the data. I can enter it in the area that goes directly to Sched. D. (IT's 5 transactions-- just added the total costs and total proceeds).

Seems to work.

Although the PayPal statement is not labeled 1099-B, it has the same information. But it seems to work (my taxable income gets reduced by the small amount of this short-term loss.

Should this suffice? I assume Premiere would work better but the small cost to upgrade to claim a small loss seems not worthwhile

Mel

KrisD15

Level 15

For clarification:

Do you trade? Only Buy and Sell or also use to make personal purchases?

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

compilerAuthor

Level 4

Buy/Sell at different times.

It ended up a small ST loss.

If it gets to be too much of a hassle, I might just not bother to report it and give up the measly gain I'd get.

Mel

AmyC

Level 15

Ok, so with no personal purchases like food, bills, etc, you can simply type in 2 transactions, one total long term, one total short term and be done. With the online version you can upload your own csv. However, if you know the end results, it is a lot easier to type in short and long term,

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