cryptocurrency

[momdoestaxes]

I was able to convert a CSV to a txf but the totals aren't correct.

I like the idea of one line for short term and one for long term, but I didn't get a 1099B from Coinbase.

Should I have?

[xjtaxed]

@ ErineSO, I tried to follow your advice, but coinbase and paypal are not selectable financial institutions on the desktop version of turbotax.

I will return the desktop product and do it online instead. 

[AmyC]

If you opted for paperless, Coinbase does not send you the paperwork. You need to log in and go to your documents section to find the form.

Be sure to go through your transactions and remove all personal property losses. The IRS expects each transaction looked at in case of any of the transactions were loss due to personal use, such as lunch at Starbucks or payments towards bills, etc. Loss on use of personal property should not be included on your return. The gains are included along with any (gain or loss) transactions that were investment related.

You can enter 4 lines and cover the entire form.

Enter the totals for each: 

• short term covered
• short term non-covered
• long term covered
• long term non-covered

If you decide to enter summary data only,  you are required to send a copy of your 1099B to the IRS. Once you submit your electronic copy, TurboTax prints out a cover letter and instructions on where to send a copy of your 1099B.

Additionally, if you have a foreign wallet, that is considered a foreign asset and may require filing Form 8938. See About Form 8938, Statement of Specified Foreign Financial Assets

@momdoestaxes

[VolvoGirl]

@xjtaxed   There is a way to use Online for free and then finish and file from your Desktop program.  Scroll up and read my earlier post.

[Dwest999]

Nope - doesn't work.  User testing is a good thing for a firm to do.

[Dwest999]

If one has already done 90% of their taxes for 10 hours already, this method does not work:  One has to start over from scratch.

[Dwest999]

Yes, for the first time since 1984 (when I started using Turbo Tax -- early adaptor), this software (desktop) is a giant disappointment and time waster.  Having worked with data for 9 years, the instruction herein by helpful people amounts to jumping hoops (translating data from format to other format with conversion tools) -- we did stuff like that when working with tech data full time.  Turbo Tax should not be asking users to jump hoops when they have had a few years to think about the ramifications of Crypto, tax reporting - esp since they provide this ability/functionality with the online version.  Well, there users who prefer desktop for privacy issues (ie - avoiding bad actors who seem to find ways to circumvent just about every portal/firewall/server in the U.S.).  

Very disappointing, Turbo Tax.  After researching and reading all of this here and also in Coinbase for 2 wasted hours, I typed the transaction in 1.5 hours.    (And it appears even "buying" a tax add-on tool in a platform (such as Coinbase) still seems to be incompatible with Turbo Tax from what some of these posts threads indicate.

Very disappointingafter all these years, Intuit.