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New Member
posted Apr 7, 2021 7:10:54 PM

How can I delete crypto transaction to start over? I have a lot of them imported using TokenTax.

I added my crypto transactions then I realized I have more to report. How can I remove the old ones?

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3 Replies
Intuit Alumni
Apr 8, 2021 11:15:00 AM

 

To update or delete information you imported in TurboTax Online:

  1. Open or continue your return.
  2. From the left menu, select Federal and then select Income & Expenses.
  3. Proceed to the Your Income and expenses screen.
  4. Select the Edit button next to the item you would like to update or delete.

In the TurboTax CD/Download software, you can delete imported items as follows:

  1. Open your return.
  2. From the TurboTax File menu, select Remove Imported Data.
  3. Select the item(s) you want to remove and follow the instructions.

Cryptocurrency received as payment for goods and services is taxed as earned income

If you earned money by providing a service or selling something, you’d have to report it as earned income (either wages or self-employment income) as if you’d been paid in cash.

 

Cryptocurrency sold, exchanged, spent or converted, is treated as sale of property:

Like property sales or the sale of stock, any gain or loss from the sale or trade of cryptocurrency is reported as a capital gain or loss. If you buy and sell it within 12 months, it’s treated as a short-term capital gain. If you hold it for over 12 months, it’s taxed at the lower, long-term, capital gain rates. 

 

New Member
Apr 8, 2021 6:41:40 PM

That doesn't work.  When I click on the Edit it opens the cryptocurrency page. I dont see the transactions because I  changed them to untaxable thinking they will get removed. When click on Add more and try to upload the correct file, it tells me I cant because it's exceeding the maximum number of transactions allowed. Meaning, its still have the old transactions. 

Intuit Alumni
Apr 9, 2021 10:26:16 AM

Please reach out to TurboTax Customer Support as your issue would be best resolved with one-on-one support. 
What is the TurboTax phone number?