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How To Avoid Double Counting Crypto, if already listed as Income on Schedule C

I have added income as cash on my schedule C in TurboTax.

I've also brought a P&Linto TurboTax, of all my crypto transactions from 2023, which includes the deposits that I've included as income in the Schedule C. 

I've tried to edit the transaction within TurboTax, thinking that the 'how did you receive this investment' box might allow me to signal that it's already been processed, but the options don't include 'as income'. 

Does anyone have a solve for this? I would think that just removing the transactions from the P&L would also be the wrong approach, as it should be listed, but maybe that's just the solution? 

Screenshot 2024-03-01 at 8.56.15 AM.png

 

 

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1 Reply
JamesG1
Expert Alumni

How To Avoid Double Counting Crypto, if already listed as Income on Schedule C

Is your intent to record your crypto investments as a trader and self-employment income?  Please clarify.

 

See also this TurboTax Help.

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