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How to file your taxes with TurboTax?
In this 5th video, I cover the basics of how to enter the gain and loss transactions for the sale of cryptocurrencies. Your cryptocurrency custodian and broker may provide a Form 1099-K or Form 1099-B, or nothing at all.
You will ultimately be responsible for tracking the gains/losses of each sale, including the amount of crypto, the date acquired & sold, the cost basis, and the sales proceeds of each transaction.
Per the IRS guidance (FS-2022-41), gains and losses on personal use items should be reported differently. However, it is reasonable to report the transactions on Form 8949 and Schedule D with the appropriate adjustments.
For other TurboTax 2022 tutorials videos, please see the following playlist:
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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you.
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