How to get Binance.us crypto API tax to upload properly?

[JoshBusico]

It's been 5 months and I'm still getting the same issue.

[ulisesiscool]

Clearly not working very hard, 1 year later...still an issue

[JosephS1]

Yes, it is still an issue but I will try to give you a workaround.  The following steps should assist you in entering your crypto transactions without pulling your hair out.

The assumption here is you have already uploaded what you can and you are having difficulties so please keep that in mind.

Depending on the number of transactions you have imported, one solution would be to look at any that have a zero cost or sales amount and enter 1 in both cost and sales boxes.  If both are showing zero you can delete the transaction with the trash can icon.

If some have sales amounts but no cost basis and some have basis with no sales amounts, keep track of them, add all the sales amounts together, and all the cost basis amounts together, and combine them into a single transaction outside of the import feature.  After this, delete the entries you combined.  This has worked in the past.

Another method would be to request if you do not already have one, Form 8949 from the issuing agency.  Delete all imported transactions, and enter the totals as a single transaction as shown on the 8949.  

You may want to attach a pdf copy of the 8949 to your return for verification purposes.

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.

Also, the following link may be helpful as it is direct from Binance:

How to Obtain Tax Reporting on Binance and FAQ

@ulisesiscool 

[cortado]

Same. I've tried multiple types of CSV, even following their "template," to no avail.  TurboTax doesn't do API with Binance.us this year. I've been a turbotax customer for 2 decades, and the experience is just getting worse every year.

[HeatherPLO]

Please try the steps suggested above by @JosephS1.

If you need further assistance, please reach back out here in the thread. 

@cortado   

[lakeviewlivin]

Hi, Is there any update to this?  Since I also have not had success with the API I've been trying to upload my Binance transactions using the turbo tax universal template file with no success either. Also, It's very difficult to determine which column in the Binance CSV file goes with which column in the TurboTax universal template file.  Has TurboTax done the work to determine which column in the Binance tax report goes with which column in the TurboTax universal template file?  That would be really helpful!  Thanks!

[DianeW777]

It may be that you could enter summary totals if you are unable to import your file.  The information is here for you and if you have a .CSV file you could sort it to have short term sales together and long term sales together.  You may already know the difference but the information is placed here for convenience.

• Long term is a holding period of more than one year and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
• Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

The steps to enter a summary of your sales transactions is provided below.

1. Open or continue your return (if it's not already open) and search (upper right) for the phrase stock sales > Press enter
2. Select Jump to stock sales > Click on Add investments > Continue on the 'Get ready to be impressed' screen (TurboTax Online) > Continue
3. Select Enter a different way > Select Stocks, Bonds, Mutual Funds, et, > Continue 
4. Enter your financial agency information > Continue 
5. Answer the questions asked > Continue to Now, Choose how to enter your sales
6. Select Sales section totals > Review the information on the next screen > select Continue.
7. You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category (Long or Short term, covered or noncovered). 
8. Refer to your 1099-B for the amounts and category. When finished, select Continue.
9. When you are done, you will see  Now we'll help you upload your 1099-B…. (or transaction details) either must be in pdf format (you can skip and return later to upload your pdf if you create one)
10. Next, select how you plan to submit your 1099-B > Continue       
11. You will return to Your investments and savings list for review or edit > Confirm at the bottom
12. Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

If you are e-filing your tax return, then mail your statements (1099-Bs or other document showing detailed sales information) along with Form 8453 to: 

Internal Revenue Service

Attn: Shipping and Receiving, 0254 

Receipt and Control Branch 

Austin, TX 73344-0254

If you need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet)

• How many stock transactions can TurboTax handle?

@lakeviewlivin 

[aowens93]

Which browser are you using? Try to login to TurboTax in a different browser. Turbotax experiences multiple issues when being used in FireFox and sometimes Micrososft Edge and other browsers supported by Apple. The best browser to use when doing online returns is Google Chrome or Microsoft Edge. Best of luck!!

[JamesG1]

You may be able to upload a .csv file from your provider.  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 Relax. We got it, 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, the name of the service, and click Gain/Loss or 1099-B.
• 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

@aowens93