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New Member
posted Feb 15, 2023 3:13:47 PM

Venmo sent me two CSV files instead of 1099-K and I traded under 600$, How can I report my crypto activity?

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3 Replies
Expert Alumni
Feb 15, 2023 4:32:56 PM

You will have to enter the results from the files into TurboTax manually. Venmo is not partnered with TurboTax to process CVS files. 

 

You should report your crypto earnings as income (just like cash). You'll also report any new cryptocurrency you received from a hard fork followed by an airdrop or other transfer as ordinary income.

If you hold crypto as a capital asset, you must treat it as property for tax purposes. If you sold any for profit, you must report earnings whether or not you received a tax form.

 

How you report your crypto activity depends on whether your cryptocurrency was considered earned income or treated as a property sale. Either way, you enter your crypto transactions in the same place in TurboTax. We'll ask you questions to figure out how to report your earnings or loss.

Read through the following for more info on common cryptocurrency scenarios:

Cryptocurrency received as payment for goods and services

Cryptocurrency sold, exchanged, spent or converted

Cryptocurrency received as income, and then held and sold for profit

Cryptocurrency received as a gift

New cryptocurrency received from an airdrop

New Member
Feb 15, 2023 4:40:22 PM

Turbo Tax only offers me to report by form 1099, am I supposed to figure out my 1099 by myself and fill in the boxes?

 

There is no (TIN) number?

Is it under income as 1099-G or 1099-K?

Was anything withheld?

 

How can I report as income when all I have is a spreadsheet of numbers?

Expert Alumni
Feb 15, 2023 5:34:06 PM

Follow these steps:

  1. Look at your spreadsheets, they should have sales amount and date, purchase amount and date.
  2. Separate the short term (less than 12 months) from the long term (one year or more)
  3. Total all your long term sales, 
  4. total long term purchases
  5. Total all short term sales, 
  6. total short term purchases
  7. Open return
  8. Go to income
  9. Stocks, Mutual Funds, Bonds, Other, start/edit
  10. Investments sold? Yes
  11. 1099-B? No
  12. I'll enter a summary for each sales category
  13. Dropdown appears
  14. Enter long term sales
  15. enter long term purchases- basis
  16. Holding period - long term 
  17. continue
  18. Yes I need to enter another sale
  19. Repeat process for short term and select short term