crypto trades

Forum|Forum|4 years ago
March 9, 2022
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I have in excess of 50 crypto trades with a total profit of only $18 for the year. I have electronically transferred all of the trades into turbotax but it is still asking me to manually enter the cost basis and fees for each trade. What should I do?

DaveF1006

Level 15

You can do summary totals for the transactions rather than each individual trades. If you choose to do this, delete all of your previous information you have imported. Before you do this though, you have a hard copy of your trades.

Go to federal>wages and income>
investment Income>Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
in the investment sales summary, use the trash can icon to delete the entry.
Now you should go back to the page that says Did you sell any of these investments in 2021? Here say yes.
Next select Cryptocurrency.
When it asks to import, select try another way.
Next select type it in myself
Now after entering information, you will get to a screen that asks if you wish to enter sales totals or one by one. Choose enter sales totals.
Be sure when you enter these totals, you separate each by whether these are short term or long term totals. You should have this information on your hard copy.
At the end, you will be able to efile your return but you will send a hard copy to the IRS. You will send a1099B , a copy of the 8949, which is in your tax return and a 8453 that prints out in your list of tax forms.
Turbo tax will instruct you on the mailing and filing instructions for your 8453 and the additional documentation required.