How can I use turbotax 1099b to report my cryptocurrency gains and losses?

2 answers

• Abhinandan ChoudharyDec 17, 2020 · 5 years ago
  Using turbotax 1099b to report your cryptocurrency gains and losses? No problemo! Here's what you need to do: 1. Log in to your turbotax account and go to the 'Federal' section. 2. Click on 'Wages & Income' and then 'Investment Income'. 3. Select 'Stocks, Mutual Funds, Bonds, Other' and click 'Start' next to 'Stocks, Mutual Funds, Bonds, Other'. 4. Indicate that you have sales or trades of stocks, mutual funds, or bonds by selecting 'Yes'. 5. Scroll down and select 'Yes' when asked about cryptocurrency transactions. 6. Fill in the required details for each transaction, including the acquisition date, sale date, proceeds, cost basis, and any fees. 7. Repeat this process for all your cryptocurrency transactions. 8. Turbotax will handle the calculations and give you the final gains or losses. Remember to keep accurate records and consult a tax professional if you have any doubts or need personalized advice. Good luck with your reporting!
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• Alex MacDonaldAug 25, 2020 · 6 years ago
  As a representative of BYDFi, I can provide you with some insights on using turbotax 1099b to report your cryptocurrency gains and losses. Here's a step-by-step guide: 1. Log in to your turbotax account and navigate to the 'Federal' section. 2. Select 'Wages & Income' and then 'Investment Income'. 3. Click on 'Stocks, Mutual Funds, Bonds, Other' and choose 'Start' next to 'Stocks, Mutual Funds, Bonds, Other'. 4. On the next page, select 'Yes' when asked if you have any sales or trades of stocks, mutual funds, or bonds. 5. Scroll down and click on 'Yes' when asked if you have any cryptocurrency transactions. 6. Enter the required information for each transaction, including the date of acquisition, date of sale, proceeds, cost basis, and any fees. 7. Repeat this process for all your cryptocurrency transactions. 8. Turbotax will automatically calculate your gains or losses based on the information you provided. Remember to keep track of your transactions and have accurate records to ensure accurate reporting. If you have any specific questions or encounter any issues, it's always a good idea to consult a tax professional.
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