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posted Apr 4, 2025 9:07:20 AM

How do I report income from the sale of cryptocurrency when I don't have the requisite documentation?

I purchased a small amount of Bitcoin in 2011 and am aware of the exact amount acquired. At a later date, I transferred half of it into Ethereum. In 2024, I sold all my Ethereum holdings. Unfortunately, I can no longer access my Coinbase account, where these transactions were recorded. I had updated the account's authentication method to use a passkey tied to my smartphone, but after replacing the device, the new smartphone is not recognized as the passkey. Despite numerous attempts, the account remains unrecoverable due to a Catch-22 in the recovery process. As a result, I am unable to obtain the documentation required by TurboTax to accurately report the income from the sale of cryptocurrency. What steps can I take to properly report this on my federal tax return?"

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1 Replies
Expert Alumni
Apr 6, 2025 7:19:50 AM

If you have the basic information to report the sale, In TurboTax Premium Online, you may enter the sale using the one by one method.  You will need purchase date, purchase dollar amount, sales date and sales dollar amount.  Follow these steps:

 

  1. Down the left side of the screen, click Federal.
  2. Down the left side of the screen, click Wages & Income.
  3. Click the down arrow to the right of Investments and Savings.
  4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
  5. Click Add investments.
  6. On the Let's import your tax info screen, select Enter a different way.
  7. On the OK, let's start with one investment type screen, select Cryptocurrency, then Continue.
  8. At the screen Select your crypto experience, select Type it in myself.
  9. At the screen Let's get started typing, enter the information.  Click Continue.
  10. At the screen Did you get a 1099-B, select No.
  11. At the screen Now, enter one sale, enter the information.
  12. Select Add another sale to add another transaction.