TurboTax 2022 Form 1040 - Enter Cryptocurrency Gains and Losses

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 Tutorials for 2022 Tax ...   For a larger database of tutorials, please visit our website and search for your question: https://knottlearning.com/ DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. #TurboTax #Form1040 #TaxRefund