Tax Statement Import - From Binance and Crypto.com

[MaxRLC]

After significant struggles with Coinbase (via Cointracker), finally obtained a TXF file that we were able to import into our Turbo Tax Deluxe (CD/Download version).    

THE CURRENT ISSUE:

Now, we are struggling with trying to retrieve and import TXF files from Binance and Crypto.com.

It appears we can obtain a PDF file - no surprise, Turbo Tax doesn't like and will not import a PDF file. 

Needs to be converted to a TXF file.  

Have tried using EasyTXF program to convert - but that program is useless and a huge waste of time. 

What is the solution?

(1) Does Cointracker provide the same service to Binance and Crypto.com?  

(2) Does Binance or Crypto.com provide a TXF file directly from a proprietary tax center?

(3) Is converting a PDF file to a TXF file possible (without having to convert to a CSV file)?

This entire Crypto reporting for tax purposes is an absolute disaster.  The IRS expects taxpayers to report, but crypto companies (with the exception of Coinbase and Cointracker) have made compliance a near impossibility.   

HELP.

[carolineb]

Hello @MaxRLC , 

I agree with your statement regarding the reporting of crypto being a nightmare. In your case, the desktop version of TurboTax does allow the use of TXF files. However, TXF files cannot be used with the online version of TurboTax. If you are currently using the online version, you may want to consider downloading the desktop version in order to import your TXF file using the following steps: 

2. Start the TurboTax program and click on File>Import>From Accounting Software.

3. Select Instant Data Entry: Other Financial Software (TXF file).

4. Follow the instructions that display.

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