Gains/losses in Turbotax
Hello, Was doing my taxes and have everything else done except for the crypto. How do I go about reporting my gains/losses in Turbotax and what do I have to send to who?
TurboTax is shit
Start with Bitcoin.tax to figure out your cost basis. Then enter them in TurboTax. You'll want to start right away, it's a pretty lengthy process since you have to report pretty much every trade
Sounds good. I have all my transactions in an Excel file.
Some more useful info: - Bitcoin.tax actually has the option to import your trades directly from Coinbase via their API. - As for other exchanges like binance, bittrex etc, you'll first need to export your trades as CSV and then import it into Bitcoin.tax. - Experiment with FIFO, LIFO and HIFO methods of costs basis calculation. The amount of tax owed varies based on what method you use. - TurboTax is awesome but don't expect any crypto tax help from their CPAs. I've tried multiple times but always got the "it is out of scope" answer. Good luck 👍🏻
used cointracking info to generate form 8849 that I imported in turbo tax (only available in CD software)
Could we select like-kind exchange on Bitcoin.tax? Thanks
Like kind is not allowed in crypto... I used bear.tax to download 8949... Some of my friends downloaded the CSV and have it to their tax preparer
How old are you