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Reporting cryptocurrency is similar to reporting a stock sale. You'll need to report your cryptocurrency if you sold, exchanged, spent or converted it.
You have to do this for every trade you made. If you bought coins at different prices or sold partial amounts, then you have to keep track and record the difference of what you sold. Cryptocurrency exchanges are not required to provide a 1099-B or summary tax statement for cryptocurrency transactions. It’s your responsibility to keep records of your transactions. The most common way to do this is to download your order or trading history from your exchange’s website. You may need to do this a few times throughout the year due to limits on how far back you can get information
In the CD/Download version of TurboTax:
Follow the onscreen instructions to enter additional sales or to view a summary.
Hi Karl
you have probably already solved this but this is what i did on my 2017 return and will do it 2018 - using the same software as you .
First off I used a website / service that thru API access looked at all my transactions at various exchanges since my initial investments and created cost basis / reports / etc for all years. For me that was the going to be the hard bit so I was happy to find a service to do it. I then exported a TXF file for 2017, a file format you can import straight into turbotax. The imported file created a form 8949 and then the info went to where it belonged in Schedule D and that was it.
In case you want to import manually, this is how it populated into my return.
The import created a form 8949.
Mine was all Long term so it all went to Part II Long-Term with Box F checked: "Long term transactions not reported to you on Form 1099-B." and the transactions are listed.
Short term would go to Part I with box C checked.
Then the information will flow to the Schedule D, short term going to line 3: "Short term totals from all Form(s) 8949 with Box C checked" and long term going to line 10:"Long term totals from all Form(s) 8949 with box F checked."
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