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berko
New Member

How will Turbox Tax ask me about selling Crypto Currency?

How will Turbo Tax ask me about Selling Crypto Currency?

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Accepted Solutions
Opus 17
Level 15

How will Turbox Tax ask me about selling Crypto Currency?

It won't ask specifically about cryptocurrency.  Cryptocurrency is handled in the interview for stocks, property and other investments.  Cryptocurrency is treated like other capital property and you owe capital gains tax on the gain if you sell for more than you paid (or you have a loss if you sell for less than you paid.)  The list of capital property includes stocks, property,, collectible, and "other items not listed"; choose that.  You will need the date purchased, purchase price, date sold, and selling price.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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3 Replies
Opus 17
Level 15

How will Turbox Tax ask me about selling Crypto Currency?

It won't ask specifically about cryptocurrency.  Cryptocurrency is handled in the interview for stocks, property and other investments.  Cryptocurrency is treated like other capital property and you owe capital gains tax on the gain if you sell for more than you paid (or you have a loss if you sell for less than you paid.)  The list of capital property includes stocks, property,, collectible, and "other items not listed"; choose that.  You will need the date purchased, purchase price, date sold, and selling price.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

View solution in original post

pebbles491
New Member

How will Turbox Tax ask me about selling Crypto Currency?

What if you did not sell back to fiat and converted one coin into another?
william-d-adams
New Member

How will Turbox Tax ask me about selling Crypto Currency?

The general consensus is that it is still treated like a sale and purchase.  The sale is a taxable event.
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