How To Report Crypto on TurboTax?
As per the IRS, cryptocurrency is considered property. There are no taxes on cryptocurrency transactions when investing through tax-deferred or non-taxable accounts like IRAs and Roth IRAs. However, if you buy, sell or exchange cryptocurrency, it is necessary to pay crypto taxes. Reporting your crypto activity needs form 1040 schedule D. Additionally, you need to report your total capital gain or loss on your form 1040, line 7. If you are facing any issues in reporting crypto on TurboTax, this blog post will be beneficial for you. So, get through the whole blog to learn the extensive information about easily reporting the crypto on TurboTax. Method to report Crypto 1099-B into TurboTax You must follow the instructions below to add your cryptocurrency 1099-B information in TurboTax. First of all, open the TurboTax software and go to the Federal Taxes tab. After that, under Wages and Income, go to Investment Income and click on the Start option ...