Hi there,
I hope that someone else has the clear answer to this question, especially the time crunch I'm in for filing the returns now.
I have my crypt reports from Koinly, with these lines:
Capital gains/ P&L= $A
Income = $B
Costs and Expenses = $C
When filing as capital gains, you get the Schedule 3 data that represents the first line and you treat it as capital gains - easy. There is also a Koinly guide on how to do it.
What both Koinly and Turbotax don't explain, is how to enter these numbers in Turbotax when filing AS BUSINNESS INCOME. I have several thousand transactions and that counts as business incom.
Do I add the P&L (first line above) to the Income (2nd line) and enter the result as income, on T2125??
And of course, claim the expenses from Line 3?
I really hope that someone can confirm with 100% confidence... Thank you
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Thanks for the attempt to follow up, but it looks like you're either not familiar with the difference between filing as capital gains and filing as business income, or you didn't read my question properly.
The guide is for filing as capital gains - that's crystal clear.
What is not covered anywhere is how to input the respective line items from Koinly into TTax when filing taxes as business income.
Hopefully, someone will do something about this at TT, or at least another user with this expertise and experience in filing as business income when using Koinly + TT will provide the right guidance.
Thank you.
You will report your income under the T2125- as a business income. In the Business section you will be able to enter your profit or losses. If its a negative it will reduce other source of income. This will be found under Income-self-employed.
Just like with any other business, you need to have receipts for all the items you declare on your tax returns. The CRA will not accept these kinds of deductions without receipts.
Deductions can include anything from taking stock market trading courses to educational resources, the purchase of a computer, and your monthly internet bill.
Thank you for choosing TurboTax.
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