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How do I report bitcoin taxes on turbo tax premier

 
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Accepted Solutions
Coleen3
Intuit Alumni

How do I report bitcoin taxes on turbo tax premier

It depends what you did with them.

Whether you call Bitcoin and its peers like Litecoin and Ethereum virtual currencies, cryptocurrencies, e-currencies, or digital currencies, what matters to the IRS is how those currencies were held and used—as income or property.

  • If you were paid in Bitcoin or other digital currencies, you should report your earnings as income.
  • If you hold Bitcoin or other digital currencies as a capital asset, you must treat them as property for tax purposes, thus the earnings are capital gains.

Note: Many people have been unsure of how to treat Bitcoin and other digital currencies, so you may have recorded earnings incorrectly on prior returns. If you need to amend a previous return, follow these steps. (We also have a video that shows you how.)

Here’s a list of helpful topics:

How do I report earnings or losses from Bitcoin and other digital currencies?

How do I report Bitcoin or other cryptocurrency as a capital gain?

I’m mining Bitcoin, what does that mean for my taxes?

I didn’t receive a 1099-MISC or 1099-B for my digital currency earnings, do I have to report them? 

View solution in original post

1 Reply
Coleen3
Intuit Alumni

How do I report bitcoin taxes on turbo tax premier

It depends what you did with them.

Whether you call Bitcoin and its peers like Litecoin and Ethereum virtual currencies, cryptocurrencies, e-currencies, or digital currencies, what matters to the IRS is how those currencies were held and used—as income or property.

  • If you were paid in Bitcoin or other digital currencies, you should report your earnings as income.
  • If you hold Bitcoin or other digital currencies as a capital asset, you must treat them as property for tax purposes, thus the earnings are capital gains.

Note: Many people have been unsure of how to treat Bitcoin and other digital currencies, so you may have recorded earnings incorrectly on prior returns. If you need to amend a previous return, follow these steps. (We also have a video that shows you how.)

Here’s a list of helpful topics:

How do I report earnings or losses from Bitcoin and other digital currencies?

How do I report Bitcoin or other cryptocurrency as a capital gain?

I’m mining Bitcoin, what does that mean for my taxes?

I didn’t receive a 1099-MISC or 1099-B for my digital currency earnings, do I have to report them? 

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