Hey all,
So I went a little crazy in 2018 and did alot of trading of cryptocurrencies. Like manyof others I actually incurred quite a large loss. I have used bitcoin.tax to formulate these and have over 1.2k transactions in total. Turbotax's limit is 250 fora CSV import but I'd like to include the full list of transactions for the IRS as I don't trust simply putting my realised gains/losses. Is there a way using Turbotax Premier for me to include a more detailed list of transactions for peace of mind?
Thanks in advance!
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Yes, you can include the list of transactions… but you will have to "organize" them in TurboTax. Basically, you will create Short-Term and Long-Terms sales.
On the Screen, Some Basic Infor About This Sale, type "Summary of ST Cryptocurrency Trades" and enter the total dollar amount for each group of the currency that you have. Date of sale can be 12/31/2018. Date of purchase is various, but on the screen that asks When was This Investment Acquired, you will answer No for Short-Term trades and Yes for Long-Term trades.
And then repeat the same process for Long-Term (LT).
If you are mailing your income tax return, you can include the statements(your list of transactions) with the trades. If you are e-filing your tax return, you have to mail the statements along with the Form 8453, which you have to download. (check the last box on the form that says Form 8949…)
Mail Form 8453 and your list of transactions to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin TX 73344-0254
Good luck!
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