Question

how do I enter partial cryptocurrency sales in TurboTAx?

Forum|Forum|5 years ago
March 19, 2021
1 reply
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We made some crypto purchases, just fractions of bitcoins. Then not long after started selling a little bit at a time. It wasn't like having a coin and then selling the same coin. example: purchased a fraction for $100.00 then purchased another fraction for $100.00. the amounts paid are the same but the values at purchase time were different because the value per bitcoin had risen. Ok then we exchanged some for USD and got it in our bank account. We only exchanged a fraction of what we had. For that fraction we got $116.00

So how do I enter on the TurboTAx form? for Date of Purchase, Cost Basis, Date of sale, Proceeds.

Sure hope someone can help because I couldn't get much help when I chatted with the experts.

J

JamesG1

Reporting cryptocurrency is similar to reporting a stock sale. You will need to report your cryptocurrency if you sold, exchanged, spent or converted it.

You have to do this for every trade you made. If you bought coins at different prices or sold partial amounts, then you have to keep track and record the difference of what you sold. Cryptocurrency exchanges are not required to provide a 1099-B or summary tax statement for cryptocurrency transactions.

To report your transactions:

Open or continue your return.
Select Federal from the left menu, and Wages & Income from the menu near the top.
Scroll down and select Show more next to Investment Income.
Select Start or Revisit next to Cryptocurrency.
Follow the instructions and we'll calculate the gain or loss from the sale.