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February 9, 2024
Question

Crypto taxes, no 1099K form, losses etc

  • February 9, 2024
  • 1 reply
  • 0 views

Hello, Venmo sent me a CSV file of all my Crypto transactions (buy and selling). No 1099k form though.  I also bought and sold crypto through the cash app. They do NOT have any data for me at all.  All I have are my bank account transactions showing all the purchased amounts. The amount total is way over the gain, large loss.  Can I use this data to show a loss? I'm confused on this because I never received any 1099s.  Does the IRS get these transactions also or only if they get a 1099? sorry not sure what to do here if anything at all. thank you

    1 reply

    February 11, 2024

    You should be able to import the CSV file from Venmo into TurboTax Online Premium.  It sounds like you will have:

     

    • Transactions with sales information for investment A but no cost information for investment A, and
    • Transactions with cost information for investment B but no sales information for investment B.

    Within TurboTax, you should be able to update these transactions through the Review and Edit processes within TurboTax.

     

    Import the Venmo information on a CSV file as follows:

     

    • Under Wages & Income, scroll down to Investments and Savings.  
    • Click the down arrow and click Start/Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Other.
    • At the screen Let's finish pulling in your investment income, click on Add investments.  
    • At the screen Let's import your tax info, select Enter a different way.
    • At the screen OK, let's start with one investment type, select Cryptocurrency.  Click Continue.
    • At the screen Select your crypto experience, select Upload it from my computer.  Click Continue.
    • At the screen What's the name of the crypto service you used, select Other at the down arrow.
    • Enter 'Venmo' under name and select the correct CSV type.  Click Continue.
    • Download the CSV information.

    Click Review to view the downloaded data.

     

    Click the pencil to the right to update missing cost and sales information.

     

    Click the trashcan to the right to remove the transaction information.

     

    Click Add another sale to add missing transactions that you discover when reviewing the CashApp bank account transactions.

     

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