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New Member
posted May 31, 2019 7:26:26 PM

I received a form 8949 from my Bitcoin trading site, Coinbase. I can't find where to upload this .csv file. I don't have many trades but don't want to enter this manually. Does anyone know if TurboTax Premiere has this functionality?

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3 Replies
New Member
May 31, 2019 7:26:28 PM

No. The Coinbase tax report file is only the raw data that could be entered into Schedule D Form 8949, but it isn't the actual 8949 form nor is TurboTax (any version) able to import that CSV file.

You would need to go to the "Personal Income > Investment Income > Stocks, Mutual Funds, Bonds, Other" section to manually copy and enter each entry. This is the quickest way if you have a small number of entries.

However, be aware that if you have used Bitcoin outside of Coinbase, such as trading at other exchanges, spending from different wallets, then their report will be incorrect as it does not know any external cost basis and proceeds.

The online versions of TurboTax don't actually have any way to import CSV files. You would need to use the desktop/offline/CD versions of Turbotax as well as a website like https://bitcoin.tax in order to create a file that can then be imported.

New Member
May 31, 2019 7:26:28 PM

Thanks, I appreciate the information!  I did use BitcoinTaxes to create the .CSV file.  I acquired this cryptocurrency as payment for my writing and am confused as to how to report it for tax purposes.  I thought it was to be viewed as simple income but then found the following article stating the IRS views Bitcoin as property and not income. - <a rel="nofollow" target="_blank" href="https://coincenter.org/entry/how-is-bitcoin-taxed">https://coincenter.org/entry/how-is-bitcoin-taxed</a>

New Member
May 31, 2019 7:26:30 PM

BitcoinTaxes produces either a CSV, TXF file (can be import to offline TurboTax), Form 8949 PDF or attachable statement. Depending on how you file to which you need. Receiving Bitcoin as payment is income (barter transaction). Calculate the equivalent USD value and report it. If you then sell the Bitcoin, you have to check for any capital gains - because it is property.