![]() You can add a variety of crypto-related expenses here - provided they aren't part of your capital gains.Ħ. Where TurboTax asks "did you have any of these less common expenses?" select yes and add your crypto expenses. Answer the questions after you add your expenses as they relate to your personal circumstances. Next to other deductible expenses, select start.ĥ. Scroll down to other deductible expenses and select show more.Ĥ. In the top navigation select deductions & credits.ģ. You're done with this section! How to report crypto related expenses in TurboTaxĢ. If you have income from various sources, for example mining, staking and airdrops - you can choose to split these into different transactions by repeating these steps or simply enter the total for all crypto income for the financial year.ħ. Enter a description of your income and the amount of income in USD. Next to other reportable income, select start.Ħ. Next to miscellaneous income, select start.Ĥ. Scroll down to less common income and select show more.ģ. then you'll need to download the Koinly Complete Tax Report to get this information.Ģ. If you want to split your crypto income into the different types of income you've had - for example, mining, staking, airdrops etc. Your TurboTax Online report only covers assets (so capital gains) - so to report your crypto income you'll need to use the figure in your Koinly Tax Summary. You're done with this section! How to report crypto income in TurboTax Select continue, then confirm, then next. Double check your summary to ensure the totals, number of disposals, proceeds and cost basis are correct.ġ1. ![]() Please note, If you're using TurboTax Desktop, you can upload your Koinly crypto tax file by going to ' file', then ' import', then ' from accounting software'.ġ0. Upload your Koinly TurboTax Online report. Under 'what's the name of the crypto service you used?' from the drop down tab select 'other' and for name enter 'Koinly' then hit continue.ĩ. Select upload it from my computer/use a CSV file then continue.Ĩ. Select enter a different way in the bottom right.ħ. Next to stocks, cryptocurrency, mutual funds, bonds, other, select start.ĥ. Scroll down to investments and savings and select show more.ģ. In TurboTax - in the left hand menu, select Federal.Ģ. How to report crypto capital gains in TurboTaxġ. If you need a quick refresher on how crypto is taxed in the US - check out our US crypto tax guide. There's three different sections you'll need to head in your TurboTax account to do your crypto taxes: ![]() Fill out your personal information for your TurboTax account. Please note you'll need the Premier Plan or higher on both the online and desktop versions to do your crypto taxes.Ģ. If you're using the desktop version of TurboTax - download the TurboTax CD/DVD report instead.ġ. Download the TurboTax Online tax report from the tax report page in Koinly. Sign upand set up your Koinly account (refer to video above!)Ģ. Get set up for your TurboTax cryptocurrency taxes On Koinlyġ.
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