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
What do you recommend?
Iโve heard the new credit karma tax is alright.
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 ๐๐ป
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