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cryptocurrency how to video

Hi!

I'm looking for a help video that clearly shows how to convert cryptocurrency statements that don't conform to the .CVS method that TurboTax uses So I can do it manually.

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3 Replies

cryptocurrency how to video

Hello!

 

I will say that using an aggregator takes a lot of headache out or the reporting function.  There is two videos inside this article as well: https://turbotax.intuit.com/tax-tips/investments-and-taxes/your-cryptocurrency-tax-guide/L4k3xiFjB 

 

Here is an additional video that may help: https://www.youtube.com/watch?v=dcECWxJ11uU 

 

 

Not a video as your requested but detailed instructions to manually create your own (by TurboTax): 

If TurboTax doesn’t support the source of your crypto activity, create a CSV file of your transactions using our template. 

  1. Download the TurboTax universal template
  2. Export your digital asset transactions into a CSV file from each one of your unsupported sources.
    • Check to see if your source provides the ability to export to CSV. This is usually found on an activity, history, or taxes page. If your source doesn’t provide this, you can try blockchain explorers like Etherscan
  3. Remove the sample data rows
  4.  Enter and transform your transaction data so TurboTax can read it
    • The column headers in your CSV file must match one of the accepted names, though it’s not case sensitive. We also recommend keeping them on the first row
    • Negative numbers will cause the upload to fail
    • Limit your numbers to 8 decimal places  (for example 0.12345678)
    • Instead of entering a transfer, add the deposit and withdrawal individually. TurboTax will then link these transactions as a transfer based on the information provided.
  5. Download the CSV and upload it to TurboTax

Here’s how to correctly fill out each column.

  • Date: Use the format YYYY-MM-DD HH:mm:ss
    • For example, if your transaction occurred on March 3, 2022 at 10:15 AM, the date will be 2022-03-03 10:15:00
    • Use Coordinated Universal Time (UTC) timezone
    • This field is required
  • Type: View our list of supported transaction types
    • If you're not sure what type the transaction is, use Other
    • This field is required
  • Sent asset: the symbol of the asset that was sent
    • Buys: If you purchased an asset such as BTC, enter the counter asset that was used to purchase the BTC (like USD)
    • Sells: If you sold an asset such as BTC, enter the asset sold
    • Converts: If you converted one crypto to another, such as converting BTC to ETH, enter the crypto that left your holdings such as BTC
    • Withdrawals: Enter the asset that you sent out of your account
  • Sent amount: the amount of asset that was sent
    • Buys: the amount of USD you spent to buy the asset
    • Sells: the quantity of crypto that you sold 
    • Converts: the amount of crypto that you exchanged for another crypto
    • Withdrawals: the amount of crypto that you sent
  • Received asset: the symbol of the asset that was received
    • Buys: Enter the asset you purchased
    • Sells: If you sold an asset such as BTC, enter the asset received (like USD)
    • Converts: If you converted one crypto to another, such as converting BTC to ETH, enter the crypto you bought such as ETH
    • Deposits: Enter the amount of crypto sent to of your account
  • Received amount: the amount of the asset that was received
    • Buys: the quantity of the asset you purchased 
    • Sells: If you sold an asset such as BTC, the amount of asset received such as USD
    • Converts:Iif you converted one crypto to another, such as converting BTC to ETH, enter the amount of crypto that you bought, such as ETH
    • Deposits: the amount of crypto that was sent to your account
  • Fee asset: the type of asset that was included as a fee
    • For example, if you purchased 1 BTC and paid a fee of $2.99 USD, enter USD
  • Fee amount: the amount of asset that was included as a fee
    • For example, if you purchased 1 BTC and paid a fee of $2.99 USD, enter 2.99
  • Market value currency: the currency of the market value (USD)
  • Market value: the market value of the transaction, typically the cost basis for a buy and the proceeds for a sale, including fees
    • For example, if you buy 1.5 BTC for $15,000, the market value is 15000
    • If you don’t  know the market value of the digital asset for a transaction, leave it blank. TurboTax will automatically look up a price for your transaction
  • Description: a description of the transaction used for bookkeeping purposes
    • For example, I sent 0.1 BTC to my brother as a gift
  • Transaction hash: the blockchain hash of the transaction
  • Transaction ID: the ID of the transaction provided by exchanges 

Let us know if we can assist you more with your Taxes!

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cryptocurrency how to video

I really want to see your first link to a video- but its a broken link. Please recheck it.

cryptocurrency how to video

You are so right, the links are not opening within this platform.  My apologizes.  If you will copy the link and paste it into your browsers' address bar they should play without issues.  Thx.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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