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cwthomas24
New Member

Where do I report cryptocurrency exchanges on my refund? What do I do if I exchanged one form of crypto for another and incurred losses?

 
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HelenaC
New Member

Where do I report cryptocurrency exchanges on my refund? What do I do if I exchanged one form of crypto for another and incurred losses?

If you exchanged one cryptocurrency into another, that is equivalent to a sale and purchase.  The sales need to be reported to the IRS.

To enter sales of cryptocurrency (capital assets) will require the Premier version or better if you use the online version ... or any of the downloaded versions. 

Follow these steps in the TurboTax Online Premier Edition:

  1. On the left navigation bar, click Federal.
  2. Click on the Wages and Income tab at the top of the page.
  3. Scroll down and click on Investment Income.
  4. Click on Stocks, Mutual funds, Bonds, Other. 
  5. Continue with the onscreen interview.
  6. On the “Did you get a 1099-B or a brokerage statement for these sales?” screen, click “No
  7. On the “Choose the type of investment you sold” screen, click on Everything else
  8. Translate proceeds of each sale into US dollars at the time of the sale.
  9. Repeat for each gain/loss entry.

For additional information, click on Bitcoin and Cryptocurrency Help Center

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1 Reply
HelenaC
New Member

Where do I report cryptocurrency exchanges on my refund? What do I do if I exchanged one form of crypto for another and incurred losses?

If you exchanged one cryptocurrency into another, that is equivalent to a sale and purchase.  The sales need to be reported to the IRS.

To enter sales of cryptocurrency (capital assets) will require the Premier version or better if you use the online version ... or any of the downloaded versions. 

Follow these steps in the TurboTax Online Premier Edition:

  1. On the left navigation bar, click Federal.
  2. Click on the Wages and Income tab at the top of the page.
  3. Scroll down and click on Investment Income.
  4. Click on Stocks, Mutual funds, Bonds, Other. 
  5. Continue with the onscreen interview.
  6. On the “Did you get a 1099-B or a brokerage statement for these sales?” screen, click “No
  7. On the “Choose the type of investment you sold” screen, click on Everything else
  8. Translate proceeds of each sale into US dollars at the time of the sale.
  9. Repeat for each gain/loss entry.

For additional information, click on Bitcoin and Cryptocurrency Help Center

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