I have csv files that list all of the crypto/nft transactions individually and my csv is not supported. How do I change my headers to account for nft purchase and stake?

[shadow346437]

Hello! I have csv files that do not show loss/gain. I got them from a relatively new exchange, Ronin, by turning all of my transaction history into a csv. The exchange itself does not have tax forms. Turbotax says that I can change my headers to make the csv go through. However, I don't understand how because the headers are: Currency Name (Do NFTs count as currency in this case?), Purchase Date, Cost Basis, Date Sold, and Proceeds. I have staking, and exchanges into different currencies to account for as well. For example, I bought WETH so that I could exchange it for/purchase an NFT (1 Axie).  I can't figure out how to show the exchange. Would I just say that it 'sold' on the day that I bought the Axie with it? Also, how would I list staking since I didn't 'purchase' or 'sell' anything? Thank you for your help! I am completely STUCK on taxes until I figure out how to upload these transactions.

[JohnB5677]

It sounds like you have some different issues here.

Staking will generate passive income.  This is similar to getting interested in a checking account.

1. Staking will be taxed in the year that you receive it (Taxed as USD)
2. Posted to Wages & Income
3. Less Common Income
4. Miscellaneous Income, 1099-A, 1099-C
5. Income from renting out personal property (not rental real estate or farm rentals)
6. The basis of the currency will be the value in USD on the date of the acquisition.

The second issue at hand is the sale or exchange of the currency.  While the currency sits in your wallet there is no tax due, but as soon as you exchange it a taxable event occurs.

To manually post your cryptocurrency transactions manually you can follow these steps.

1. Sign in to TurboTax, and open or continue your return

2. In the Wages and Income section under Investments and Savings (or Investment Income), select Start or Revisit next to Crypto (1099-B)

3. On the next screen, you may see Did you sell any of these investments in 2021? or Time to kick off your investments!, select either Yes or Okay!

4. On the We can make this faster screen, select Enter a different way, and then select Cryptocurrency on the following screen

   1. If, instead, you’re asked to select an investment type, select Cryptocurrency

   2. You’ll then see the Get ready to be impressed screen. Select Continue, then select Try another way

5. Select Type it in myself on the Select your crypto experience screen 

6. On the Let’s enter your crypto tax info screen, search for your cryptocurrency exchange 

7. On the Did you get a 1099-B screen, answer accordingly

   1. If you didn’t get a 1099-B, skip to step 11

8. Continue answering the interview questions to help us determine the best way to enter your transactions, then select Continue 

9. Depending on your answers, we’ll recommend either entering your sales One by one or as Sales section totals 

10. If you answered yes to getting a 1099-B in step 7, we’ll help you find your sales on your form. Then select Continue

11. Enter your sale information on the next screen, then select Continue

12. Review your sales information. Repeat these steps for any additional transactions.

13. Related Information: 

14. How do I import from the .txf file?

15. TurboTax Cryptocurrency transactions

[fanfare]

@shadow346437 

"Currency Name , Purchase Date, Cost Basis, Date Sold, and Proceeds."

These are the columns required by Form 8949.

Other columns that are not needed should be ignored by TurboTax.

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If TurboTax won't accept your CSV file, proceed as follows.

Adjust your csv files so the columns are in the same order as on Form 8949.

Put a header with your name tax year and SS Number

Use the summary option and then you can mail in the printout of the CSV files.
See the TurboTax instructions that will pop up.

You would use Category C and/or F since you don't have a 1099-B.

At tax time, you have the option to summarize your transactions by Sales Category.

IRS requires Box C/F details to be listed on your own Form 8949,
or on your other forms (e.g. spreadsheets) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return, unless TurboTax asks you for a PDF version of your csv file immediately. Have one ready.