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
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
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
so, I have a couple of thousand trades in 2017, does that mean I need to put those all in manually?!
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.
Is it possible to do this with the TurboTax free edition or will I need to upgrade to premier?