Can I download an excel file for crypto currencies transactions from crypto exchanges

Forum|Forum|7 years ago
June 6, 2019
1 reply
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I have made alot of crypto currenciy trades this year on Binance, can i download an Excell file rather than manually entering each trade?

TurboTax Premier Online

Best answer by TomYoung

You cannot import an Excel file into TurboTax. Files that are capable of being imported are specially formatted files with a .TXF extension.

Assuming the Excel file has the same general format as Form 8949, where individual trades are listed out, for Binance you will instead enter summary numbers into TurboTax, long term and short term, and then mail in the Excel worksheet using Form 8453.

TurboTax has an interview for this situation, but only for sales reported on 1099-B, which I assume will not be the case with Binance. So what I'd suggest is to first tell TurboTax that you do have a 1099-B and use the interview and the On Demand Tax Guidance to enter your information. Read all the available tax guidance particularly the On Demand Tax Guidance contained on the financial institution summary page in the sentence "To finish reporting these sales, follow the mailing instructions." When you're sure you understand the process delete this summary of sales and go over and duplicate the process in the interview that shows up when you tell TurboTax that you didn't get a 1099-B. Be sure to mail in the Excel spreadsheet and Form 8453 in a timely fashion.

Tom Young

T

TomYoung

Answer

Alumni - Champ

You cannot import an Excel file into TurboTax. Files that are capable of being imported are specially formatted files with a .TXF extension.

Assuming the Excel file has the same general format as Form 8949, where individual trades are listed out, for Binance you will instead enter summary numbers into TurboTax, long term and short term, and then mail in the Excel worksheet using Form 8453.

TurboTax has an interview for this situation, but only for sales reported on 1099-B, which I assume will not be the case with Binance. So what I'd suggest is to first tell TurboTax that you do have a 1099-B and use the interview and the On Demand Tax Guidance to enter your information. Read all the available tax guidance particularly the On Demand Tax Guidance contained on the financial institution summary page in the sentence "To finish reporting these sales, follow the mailing instructions." When you're sure you understand the process delete this summary of sales and go over and duplicate the process in the interview that shows up when you tell TurboTax that you didn't get a 1099-B. Be sure to mail in the Excel spreadsheet and Form 8453 in a timely fashion.

Tom Young