However, there still is a way to get your cryptocurrency tax information into the Desktop version of TurboTax. For this reason, it's recommended you use the online version for your crypto tax reporting. The desktop version of TurboTax doesn’t officially support crypto. The above steps outlined the process for reporting your cryptocurrency taxes within the online version of TurboTax. You can easily find all of your ‘crypto income’ within your CoinLedger income report.Ĭryptocurrency taxes with TurboTax desktop edition
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How to enter crypto gains and losses into TurboTax Import your gains and losses with a click: Once you’ve imported your crypto transaction history and generated your crypto tax reports within CoinLedger, you’ll be able to import them directly into TurboTax with the click of a button. If you need assistance at any point, our support team is ready and available for all of our customers. Get the support you need: We know that trying to report your taxes on your own can be difficult. Highly capable: CoinLedger is designed to serve crypto investors in any circumstance and integrates with dozens of exchanges including Coinbase, Kraken, and Gemini.
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Looking for crypto tax software to use with TurboTax? Here’s why you should choose CoinLedger. What’s the best crypto tax software to use with TurboTax? TurboTax partners with CoinLedger to simplify the process for users. Luckily, there is an easy way to report your cryptocurrency taxes. At this time, TurboTax does not pull transactions from Coinbase and other crypto exchanges automatically. However, it’s important to note that Coinbase has stated that it no longer issues Form 1099-B to customers. Does TurboTax import from Coinbase?Īt this time, TurboTax allows users to import transactions from Coinbase through Form 1099-B. If you have more than a handful of cryptocurrency transactions, trying to report your crypto transactions directly within TurboTax alone can get complicated. However, TurboTax’s cryptocurrency functionality is limited. TurboTax does allow users to report cryptocurrency on their taxes. Can I file cryptocurrency taxes on TurboTax? Examples of earning cryptocurrency income include earning staking income or airdrop rewards.įor a more detailed explanation, check out our complete guide to cryptocurrency taxes. Ordinary Income: If you earn cryptocurrency directly, you’ll recognize ordinary income based on the fair market value of your coins at the time you received them. Examples of cryptocurrency disposals include selling your cryptocurrency or trading your coins for another cryptocurrency. Remember, cryptocurrency is considered a form of property subject to capital gains and income tax.Ĭapital gains: If you dispose of your cryptocurrency, you incur a capital gain or loss.
The basics of cryptocurrency taxesīefore we dive into how you can report your cryptocurrency trades on TurboTax, let’s review the basics of crypto taxation. In this guide, we break down the basics of cryptocurrency taxes and walk through the step-by-step process for crypto and bitcoin tax reporting within TurboTax-both online and desktop versions. To enable this functionality, the TurboTax team has partnered with CoinLedger. TurboTax allows cryptocurrency users to report their cryptocurrency taxes directly within the TurboTax app.
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