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alexbocar
New Member

Hello ! I made a few cryptocurrency transactions in 2017 and I need a little bit of help sorting out the detail especially how to enter them in the forms. Thanks

 
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Hello ! I made a few cryptocurrency transactions in 2017 and I need a little bit of help sorting out the detail especially how to enter them in the forms. Thanks

If by "transactions" you are referring to the buying and selling of cryptocurrency, then any conversion of one cryptocurrency into another or into US Dollars constitutes a "sale", a sale that needs to be reported using the "Stocks, Mutual Funds, Bonds, Other" interview, telling TurboTax that no 1099-B was received.  A conversion into another cryptocurrency requires that you convert the cryptocurrency received into US Dollars at the spot price and report that as the proceeds.

You can select "Everything else" as the type of investment sold and after that you simply enter the proceeds of the sale, sale date, cost of the coin sold, and date of acquisition.

Tom Young

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7 Replies

Hello ! I made a few cryptocurrency transactions in 2017 and I need a little bit of help sorting out the detail especially how to enter them in the forms. Thanks

If by "transactions" you are referring to the buying and selling of cryptocurrency, then any conversion of one cryptocurrency into another or into US Dollars constitutes a "sale", a sale that needs to be reported using the "Stocks, Mutual Funds, Bonds, Other" interview, telling TurboTax that no 1099-B was received.  A conversion into another cryptocurrency requires that you convert the cryptocurrency received into US Dollars at the spot price and report that as the proceeds.

You can select "Everything else" as the type of investment sold and after that you simply enter the proceeds of the sale, sale date, cost of the coin sold, and date of acquisition.

Tom Young

alexbocar
New Member

Hello ! I made a few cryptocurrency transactions in 2017 and I need a little bit of help sorting out the detail especially how to enter them in the forms. Thanks

Thank you. Does intuit have any software that can help me tally up and keep track of my transactions ? If not can you recommend a service that can track crypto currencies just as some software does with Stocks and bonds
dyang34
New Member

Hello ! I made a few cryptocurrency transactions in 2017 and I need a little bit of help sorting out the detail especially how to enter them in the forms. Thanks

You should try bitcoin.tax
fabian
New Member

Hello ! I made a few cryptocurrency transactions in 2017 and I need a little bit of help sorting out the detail especially how to enter them in the forms. Thanks

so, I have a couple of thousand trades in 2017, does that mean I need to put those all in manually?!

Hello ! I made a few cryptocurrency transactions in 2017 and I need a little bit of help sorting out the detail especially how to enter them in the forms. Thanks

No, you can put in "summary" information into the relevant sales categories - sales category C and sales category F - and then send in supporting schedules, like spreadsheets, that list out the detail needed for each trade

Date of trade
What was sold
Proceeds
Cost basis
Date of acquisition

with dollar totals that "tie" to your summary information.

You send this in with Form 8453
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f8453.pdf">https://www.irs.gov/pub/irs-pdf/f8453.pdf</a>

I believe TurboTax will provide some guidance here if you tell it up front that you're entering summary information.
mokagal
New Member

Hello ! I made a few cryptocurrency transactions in 2017 and I need a little bit of help sorting out the detail especially how to enter them in the forms. Thanks

Is it possible to do this with the TurboTax free edition or will I need to upgrade to premier?

Hello ! I made a few cryptocurrency transactions in 2017 and I need a little bit of help sorting out the detail especially how to enter them in the forms. Thanks

You must upgrade.

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