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
