FAQs
Reporting your crypto activity requires using Form 1040 Schedule D as your crypto tax form to reconcile your capital gains and losses and Form 8949 if necessary. You report your total capital gains or losses on your Form 1040, line 7.
How to manually enter cryptocurrency on TurboTax? ›
How to enter crypto gains and losses into TurboTax Online
- Answer initial prompts and questions. ...
- Add your cryptocurrency data. ...
- Select 'Yes' to having investment income in 2023. ...
- Select "Enter a different way" on tax import screen. ...
- Select cryptocurrency for the investment type. ...
- Select "Upload it from my computer"
What section is crypto in TurboTax? ›
Reporting your crypto activity requires using Form 1040 Schedule D as your crypto tax form to reconcile your capital gains and losses and Form 8949 if necessary. You report your total capital gains or losses on your Form 1040, line 7.
How do I enter crypto on my taxes? ›
Complete Form 8949 to document your cryptocurrency transactions. Transfer the totals from Form 8949 to Schedule D of your tax return. Report any ordinary income from cryptocurrency on Schedule 1 of Form 1040 unless you're self-employed, in which case you should use Schedule C.
Where do I enter crypto mining in TurboTax? ›
How to report crypto income on TurboTax
- Log into your TurboTax account.
- In the left hand menu, select “Federal”.
- Navigate to the “Wages & Income” section.
- Find the section titled “Less Common Income” and click “show more”.
- Scroll down to the “Miscellaneous Income” option and hit the start button.
How to enter crypto rewards in TurboTax? ›
Upload a CSV file of your crypto transactions
- Sign in to TurboTax Online, and open or continue your return.
- Select Search then search for cryptocurrency.
- Select jump to cryptocurrency.
- On the Did you have investment income in 2023? ...
- On the Let's import your tax info screen, search for and select your crypto exchange.
How to input Coinbase into TurboTax? ›
by TurboTax• 76• Updated 1 month ago
- Sign in to your Coinbase account.
- In the Taxes section, select the Documents tab.
- Generate and download the TurboTax gain/loss report (CSV) for 2023.
- Upload your CSV file to TurboTax.
How do I add crypto to my tax return? ›
Report crypto in your tax return
– if you're reporting over $10,000 in capital gains and completing the CGT schedule with your tax return, report capital gains and losses at 'Other CGT assets and any other CGT events'.
What happens if I don't report crypto on taxes? ›
US taxpayers must report any profits or losses from trading cryptocurrency and any income earned from activities like mining or staking on tax return forms, such as Form 1040 or 8949. Not reporting can result in fines and penalties as high as $100,000 or more severe consequences, including up to five years in prison.
How to claim crypto losses on taxes? ›
Provide the details of your crypto gain/loss on Form 8949
On Schedule D, you'll subtract your cost basis from the total proceeds to arrive at your total capital gain or loss. From there, Schedule D will determine how much tax you owe or what kind of deduction you receive.
Do you pay taxes on crypto? People might refer to cryptocurrency as a virtual currency, but it's not a true currency in the eyes of the IRS. According to IRS Notice 2014–21, the IRS considers cryptocurrency to be property, and capital gains and losses need to be reported on Schedule D and Form 8949 if necessary.
Do I need to file crypto taxes if I didn't sell? ›
US taxpayers do not have to pay taxes simply for holding crypto. Taxes only apply when you earn, sell, or exchange crypto.
Do I have to list every crypto transaction on form 8949? ›
While Coinbase One subscribers can get a pre-filled Form 8949, this form only includes transactions from Coinbase — not your other crypto wallets and exchanges. All of your disposals of cryptocurrency and other capital assets should be reported on Form 8949.
What type of transaction is TurboTax crypto? ›
TurboTax supports the following crypto transaction types: Buy: Purchasing a digital asset like crypto or an NFT, with cash. Sale: Selling your digital asset at a gain or loss. Example: Tyler makes a profit by exchanging a crypto coin for cash.
How do I report Coinbase on my taxes? ›
If you earn $600 or more in a year paid by an exchange, including Coinbase, the exchange is required to report these payments to the IRS as “other income” via IRS Form 1099-MISC (you'll also receive a copy for your tax return).
How do I enter crypto 1099-MISC TurboTax? ›
Go to Federal, then Wages & Income. Under Other Common Income, select Start or Revisit next to Form 1099-MISC. Enter your 1099-MISC info on the Let's get the info from your 1099-MISC screen and Continue. If you're editing a 1099-MISC you already entered, select Edit next to your form.
Do you have to report crypto on taxes if you don't sell? ›
Buy, hold, and breathe easy. You don't have to report crypto on your taxes if you only bought and held it without selling. If you buy some Bitcoin and just, you know, keep it (because you're "HODLing" or you forgot about it or you lost your keys or whatever), the IRS doesn't really care.
How do I upload a cryptotaxcalculator to TurboTax? ›
Upload your crypto trading reports
Then select 'Upload it from my computer'. Select 'Other (Gain/Loss)'. Fill the 'Crypto service' field with "Crypto Tax Calculator". If you have already downloaded the TurboTax file from Crypto Tax Calculator onto your computer, you can now upload it to TurboTax.