Importing CryptoTrader.Tax into TurboTax Online With More than 250 trades
Currently, TurboTax Online does not support importing more than 250 taxable events via CSV.
If you have more than 250 taxable events and still want to file with TurboTax Online, they suggest following the below steps. You will still need to keep your 8949 summary from CryptoTrader.Tax for your records and use the report to enter your aggregated long term and short term capital gains information.
**Note: CryptoTrader.Tax does not accept any liability from taking these steps recommended by TurboTax, and by not submitting a complete Form 8949 to the IRS. Follow these steps at your own risk. If you have questions, please consult a cryptocurrency tax professional.**
You will need the following forms from CryptoTrader.Tax: 8949 form, Short Term Gains CSV, Long Term Gains CSV
Download your TurboTax Online CSV that CryptoTrader.Tax exports along with the Short Term Gains and Long Term Gains CSV.
Sign into TurboTax and go through the setup steps. When you get to the page that says "Let's get an idea of your financial picture", select I sold or traded Cryptocurrency.
Once you arrive at the step where you can select the CryptoTrader.Tax logo, do not select the logo, instead select “I’ll type it in myself”.
TurboTax recommends that you lump all of your transactions into one line and one asset type (even if you traded across multiple cryptocurrencies).
Enter one row for long term capital gains and one row for short term capital gains (you can omit a row if one doesn't apply to you).
In the example below, the first row is for long term capital gains (assets held longer than one year) and the second row is short term gains.
- Exchange: you can enter the name of the exchange you used (if you only used one exchange) or CryptoTrader.Tax if you used multiple wallets/exchanges.
- Asset name: you can enter Bitcoin, or if you didn't transact Bitcoin, the name of another crypto asset you did transact with. (Keep in mind you are putting everything into a SINGLE asset, even if you traded in multiple cryptocurrencies).
- Date of purchase: you can enter the earliest date of purchase that comes up in your Form 8949 for short term (in 2018) and long term (pre 2018) separately.
- Cost basis: This is the sum of all of your trades’ cost basis added together.
For your short term gains/ loss line - download your Short Term Gains CSV that CryptoTrader.Tax exports for the required year. Open the file in excel or google sheets and sum up all of the cost basis’ for each transaction. You can use the Excel Sum function to do this.
This number is your Net Cost Basis (i.e. all of your cost basis’ added together). This is the number you should put on the cost basis line.
Follow the same approach for Long Term Gains/ Losses using the Long Term Gains CSV that CryptoTrader.Tax exports
- Date of sale: you can enter the date of your most recent transaction.
- Proceeds: This is the sum of all of your proceeds for each transaction.
Follow the same approach you took for Cost Basis above
Sum together your Proceeds for each transaction from the Short Term Gains CSV
This number is your net proceeds and it is the number that you should put on the proceeds line
Follow the same approach for Long Term Gains/ Losses using the Long Term Gains CSV
Click continue and review the summary. Your total net gain/ loss should match your CryptoTrader.Tax files.
That’s it! You finished. Keep in mind, this is just your trading information. If you had income from cryptocurrency transactions, this income will need to be included within another section of TurboTax. Your income information can be seen within “Income” export from CryptoTrader.Tax.
*This post is for informational purposes only and should not be construed as tax or investment advice. Please speak to your own tax expert, CPA or tax attorney on how you should treat taxation of digital currencies.