Your transactions are not taxable if you:
Received free coins through a fork or an airdrop.Spent cryptocurrency to pay for goods or services.Converted cryptocurrency to a regular currency like US dollars.You’ll need to report cryptocurrency as income if you did any of the following: Taxes and Crypto 101: What you need to know A TurboTax Live Premier CPA or Enrolled Agent can also review, sign, and file your tax return. If you still have any burning crypto tax questions, with TurboTax Live Premier, you can connect live via one-way video to TurboTax Live CPAs and Enrolled Agents with over 15 years average experience to get your tax questions answered right from the comfort your living room. One thing to keep in mind, not every cryptocurrency transaction constitutes a taxable event, which is why we have tons of guidance to assist you in understanding and selecting which transactions are taxable while you are in TurboTax Premier.
csv you download from Coinbase won’t have information about crypto transactions outside of Coinbase (including on Coinbase Pro), so it’s important to review and verify the information for accuracy depending on how you transacted on Coinbase. csv files will include the cost basis of your Coinbase transactions (if available) so TurboTax Premier can easily help you file your cryptocurrency transactions. Now, you can upload up to 250 Coinbase transactions from Coinbase at once, through compatible. We’ve built a solution that allows you to import transactions from Coinbase to TurboTax, with plenty of help and resources along the way.īefore, you were required to manually enter each taxable transaction, which could take hours. TurboTax is taking steps to streamline the crypto community’s experience this tax season. While the IRS released its initial guidance in 2014, you still might wonder what is considered a taxable event and how you should report it in order to be in compliance. Whether you got into cryptocurrency trading last year, have been a holder since 2011, or your employer pays you in Bitcoin or Ethereum, you need to know what all of these transactions mean for your taxes.