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posted Mar 10, 2024 9:43:41 AM

Entering Investment sales transactions without a 1099-B

I own shares in Grayscale Bitcoin Trust. Throughout the year the trust sells small portions of the assets to pay for expenses. As a shareholder, I am responsible to reporting the gain from the transactions. I received a letter from the trust explaining they are not required to provide a 1099-B... I performed the calculations they provided to calculate the gain. I cannot figure out how to enter this information into Turbotax without a 1099-B. I have the desktop home and business version. Can anyone help?

 

From Grayscale...

"Because the Trust paid out only a de minimis amount of BTC tokens for payment of Trust expenses during the year and made no distributions of sale proceeds to its Shareholders, under Treas. Reg. Sec. 1.671- 5(c)(2)(iv)(B) neither the Trust nor brokers are required to report the gross proceeds of Trust sales to Shareholders on Form 1099B. In lieu of Form 1099B, this information is contained in the attached 2023 Gross Proceeds File together with an example illustrating how a Shareholder should calculate gain or loss."

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1 Replies
Expert Alumni
Mar 11, 2024 7:00:48 AM

In TurboTax H & B, you are able to enter the transaction by following these steps:

 

  • Across the top of the screen, select Personal.
  • Across the top of the screen, select Personal Income.
  • Select I'll choose what I work on.
  • Scroll down to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
  • Select Start/Update to the right.
  • At the screen Your investment sales summary, select Add more sales.
  • At the screen OK, let's start with one investment type, select Cryptocurrency.  Click Continue.
  • At the screen Uploading your 1099-B makes taxes easier, select Type it in myself.
  • Follow the screens to enter the transaction.