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Returning Member
posted Mar 16, 2022 8:25:17 AM

I have followed TurboTax's instructions, but the menus are different and do not have an area to enter cryptocurrency. Even searching with "find" brings up zero!

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1 Replies
Level 3
Mar 16, 2022 12:06:52 PM

Buying and selling cryptocurrencies is considered as trading in investment. So the trading of digital currency as an investment, and any gain or loss from it, is to be treated as capital gain or a capital loss. To enter the capital gain or loss from cryptocurrency follow the steps below:

  1. Select Find from the top right corner of the window.
  2. In the Find window, enter capital gains.
  3. Select Capital Gains and Capital Gains Deduction Profile from the results, then select Go.
  4. On the Your Capital Gains Profile screen, check the Sold stocks option and then select Continue.
  5. On the Capital Gains screen, beside the Type of capital property disposed of  option, select Mutual funds/ publicly traded shares/ stocks/ cryptocurrencies.
  6. Enter the amounts in the respected columns provided.
  7. Click on Done. 

If, you had sold less than 1 unit of currency leave the # of units for shares or face value field blank. It isn't required.

 

For more information, refer to TurboTax FAQ- How do I report the sale of cryptocurrency on my taxes? 

Thank you for using TurboTax.