I have over 2k crypto trades to report. I used bitcoin.tax to get my overall gain/loss and generate 8949, but do I have to enter each trade? How do I report a summary?

[thatoneguy092]

So I usually use Turbo Tax to do my taxes since it's quick and easy. However, this year I have over 2k crypto trades to report. I used a third party software to get my overall gain/loss and that's fine, but do I have to submit a report of each trade with dates and buy/sell prices?

These were easy enough to pull from the exchange using software but the problem I'm running into is that I can't upload a csv file or even a turbo tax .txf to the standard or premium turbo tax app/websites.

Am I going to have to actually find a tax professional who knows how to file this stuff (I live in a rural setting)?

[jordan.highfill]

What’s the cost summary?

[TomYoung]

I'd guess you didn't get a 1099-B for those trades.

Use the "Stocks, Mutual Funds, Bonds, Other" interview telling TurboTax that no 1099-B was received.
Use the "Everything else" investment type.
Make sure your list reports the same information that a Form 8949 would report, separated between long term and short term holdings, with dollar subtotals for each term:

1. What was sold
2. Date of sale
3. Proceeds of sale
4. Cost basis
5. Date of acquisition

On the page "Some Basis Info About This Sale" enter "Summary of ST Crypto Currency Trades " or "Summary of LT Crypto Currency Trades" depending which group you're working on. Enter the total dollar amount of proceeds for each group as appropriate and you can use 12/31/2017 for date of sale.

On the "Tell Us How Your Acquired This Property" page tick "Purchased".
On the "Enter Purchase Information" page enter the summary cost and the word "various" in the Date of Purchase box.
On the "When Was This Investment Acquired" page you'll answer "Yes" for the long term trades and "No" for the short term trades.

If you're mailing in your income tax returns you can include your manipulated substitute for a Form 8949 as part of your filing though I'd add "See Schedule" to your descriptions of what was sold.

If you are e-filing your tax return, then mail your statements along with Form 8453 to:

 Internal Revenue Service
 Attn: Shipping and Receiving, 0254
 Receipt and Control Branch
 Austin, TX 73344-0254

Form 8453: https://www.irs.gov/pub/irs-pdf/f8453.pdf

Tom Young

[jordan.highfill]

What’s the cost summary

[TomYoung]

The only place on this page that the term "cost summary" appears is in your two comments.

I have no idea what you're asking.

[SweetieJean]

@TomYoung  Your answer from 8 months ago said this:

On the "Enter Purchase Information" page enter the summary cost and the word "various" in the Date of Purchase box.

[TomYoung]

Ah..  I was maybe being too literal.  

The "summary cost" or "cost summary" is the total cost basis of ALL the trades that you're entering in summary fashion.  This amount is subtracted from the sum of all the sale proceeds to come to a total gain, or loss.

[vbharry]

You can use Excel2TXF to consolidate your daily and 'various' purchase date trades to get under the import limits (www.investotek.com ).