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 tutorial videos, please see the following playlist:
• TurboTax Form 1040 Tut...
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