"We could not import this" CSV Error

[ikureiji]

Hello, I'm trying to import a Crypto CSV using TurboTax Custom template.

Every time I try to upload that, I get the error 'We could not import this.' How can I fix it? Entering over 300 transactions manually isn't realistic. I don't have a service like Coinbase or Koinly to generate one CSV that contains everything, so I gathered the data myself and used the TurboTax template, but even that isn't working (screenshots attached for the error and the CSV). Please advise. 

Error

CSV Sample

[Mike9241]

The message I got was that the crypto section is not ready. Says by February, but updates have been late. Also, I don't see anything that suggests you have anything to report. I see only buys.

[ikureiji]

You have to report the date of lots you sold as far as I know so I did list the date of the buys then sales, not sure what do you mean by crypto not ready, it’s a plain CSV file.

[VolvoGirl]

It means that Turbo Tax is not ready  to import it yet.  There are many things not ready.  Like the 1099R isn't available to enter until Jan 21.  

[Ulianovsky]

In my case the csv extension is not listed as supported. Seems to me like the service is not ready yet this year.

[JamesG1]

The way that you report your cryptocurrency activity may be changing.  This tax year introduces a new IRS tax form 1099-DA Digital Asset Proceeds From Broker Transactions.  

IRS Form 1099-DA is required to be filed by brokers dealing with digital assets like cryptocurrency and NFTs (non-fungible tokens).  Brokers, digital trading platforms, payment processors, and hosted wallet providers have to issue this form for all digital asset sales or exchanges starting from January 1, 2025.

IRS Form 1099-DA will be used by brokers to report proceeds from (and in some cases, basis for) digital asset dispositions to you and the IRS.

For your 2025 tax return, the IRS form 1099-DA will report the following transactions:

Disposed, sold, exchanged or transferred ownership of digital assets:

• For another digital asset
• For U.S. dollars or other currency
• In exchange or trade for property, goods or services in any amount
• To pay for broker transaction costs with digital assets

Use IRS form 1099-DA and your other records to report your income on your tax return.

You must calculate basis before you file your tax return.

@Ulianovsky 

@ikureiji 

[Ulianovsky]

Thanks JamesG1. But then how to report proceeds from decentralized platforms? The 1099-DA only has the activity on the issuing broker and may not reflect proceeds correctly because of that. The only way to accurately report proceeds realized across numerous platforms (non-brokers) is by providing TurboTax with the csv, as it's been done before.

[JamesG1]

You are correct that there will be activity that will not be reported on the new form.  Understanding Your Form 1099-DA states:

     For 2025, the Form 1099-DA filing requirements generally apply to U.S. brokers. This means that taxpayers transacting with foreign brokers, such as exchanges based outside the United States, may not receive a Form 1099-DA from that foreign broker. Any taxable transactions using foreign brokers must still be reported on your tax return.

We will learn more about how these transactions will be reported as the 1099-DA form implementation is rolled out.

@Ulianovsky 

[ikureiji]

Why not just file a Form 8949 and Schedule D with all related info including decentralized transactions? Does it need to be 1099-DA? I don’t believe so.

We really need that custom CSV.