turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How do I enter the Cryptocurrency transactions that are in Bitcoin but not in USD? How do I claim the losses/gains for those transactions?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

How do I enter the Cryptocurrency transactions that are in Bitcoin but not in USD? How do I claim the losses/gains for those transactions?

Each sale of cryptocurrency is a reportable transaction.  There's no "like kind exchanges" here - swapping one cryptocurrency for a different cryptocurrency - each transaction is a sale even if USD was not used.

You use the "Stocks, Mutual Funds, Bonds, Other" interview and tell TurboTax no 1099-B was received.  (I guess "online" TurboTax - where the cool kids are - has an explicit "crypto" interview, and I don't use the online product, but nothing is fundamentally changed.)  The spot price in USD of the crypto received is "proceeds", from which you subtract your basis in the crypto given up, coming to a gain or loss.  The spot price in USD of the crypto received now has that USD basis and a new holding period.

Tom Young

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question