I am trying to upload crypto transaction CSV from BinanceUS as per instructions. It keeps on failing without any errors. Any suggestions?

You may be able to upload a .csv file.

 

I was be able to upload a .csv file by following these steps: 

 

• Go to Federal / Wages & Income / Your income / Investments and Savings.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Get ready to be impressed, click Continue.
• At the screen Let’s import your tax info, click Enter a different way.
• At the screen OK, let’s start with one investment type, select Cryptocurrency.  Click Continue.
• At the screen Select your crypto experience, select Upload.  Click Continue.
• At the screen What’s the name of the crypto service, select Other and enter the name of the service.
• Click Continue.
• At the screen Go ahead and upload your crypto CSV file, upload the file.

The .csv should follow this format.

 

• All the columns from the .csv file were deleted except for the five columns listed below.   
• All other lines other than the headings and the five columns of data were deleted.

 

•    Purchase Date
•    Date Sold
•    Proceeds
•    Cost Basis
•    Currency Name

 

.csv file format.

 

           A                   B              C                  D                   E

purchase date  date sold    proceeds   cost basis   currency name

11/24/2021        2/1/2022    1,779.96     1,916.52         ABFOA

12/7/2021          4/1/2022    1,111.46     1,225.45         ABFOA

11/24/2021        3/1/2022    1,638.54     1,638.54         ABFOA

 

@anirudh4uhere 

I did exactly follow the instructions below and what turbotax gave for BinanceUS(how to generate yearly tax report). The CSV format of the report generated is different from what you mentioned below. Just the upload goes on forever and then fails/timeout. Tried it multiple times by using different browsers, clearing cache etc. Nothing worked. 

While not perhaps an ideal solution, I believe I can give you a workaround to assist you in getting your return completed and filed.  You should request, if you do not already have one, Form 8949 from the issuing agency.  The 8949 is what you might call a summary of all transactions form.  Delete all imported transactions if you have made any successfully, and enter the totals as a single transaction as shown on the 8949.  There are separate sections for short-term and long-term transactions.

 

You may want to attach a pdf copy of the 8949 to your return for verification purposes.  Attaching a pdf to your return may make you manually complete Form 8453 and submit that form with the pdf of the 8949.

 

The IRS is concerned that you are properly reporting your total capital transactions with their associated cost basis and while individual transactions are important, the totals are the most important.

 

Form 8453

Form 8949

Form 8949 Instructions

I am able to upload CSV file. I think issue is self resolved. 

I have been trying to upload it and haven't been able to. Can you tell me which column came across as the cost basis.  Is it the Realized Base on Column L?

 

The realized basis should be in column J.  You should download the TurboTax Universal Template and use that in preparing your CSV.  You can download that here.

 

@cdorr