If you have cryptocurrency, like Bitcoin,
it must be claimed when you sell or trade it or receive it as payment.
When you invest in cryptocurrency and sell or exchange it like you would stock,
spend it, or convert it to US dollars,
it is treated as a property sale, and the earnings as capital gains.
TurboTax has made entering and calculating your taxable crypto transactions easy.
Answer a few questions and upload your csv file.
Select which of your transactions are taxable
and we'll calculate whether they are short- or long-term gains.
Receiving cryptocurrency as payment for goods or services—just like cash
—or mining it, is considered earned income.
If you received a W-2 or a 1099-MISC,
enter the information in the wages and income section of TurboTax.
If you didn't receive any form for your cryptocurrency income,
you still have to claim it as Self-Employment on a 1099-MISC.
Cryptocurrency earned as income, and then held and sold for profit,
is taxed as both income and capital gains.
In this case, you must enter both your W-2 or 1099-MISC and your crypto transactions.
If you bought cryptocurrency, held onto it, and didn't do anything with it,
then it won't be taxed until you do.
For more answers to your questions, visit turbotax.com/support
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