Help to automate crypto tax calculations and filings with a software
Now, you have aggregated all your crypto taxable events in one place and they are all denominated in your preferred fiat currency.
We will keep on writing about USD as the denominated fiat currency and therefor we will refer to US filing documents in this article.
Crypto gains and losses is reported in the IRS form 8949. Fill out each column with each crypto taxable event.
A crypto tax software will automate this procedure. After this, you can download the 8949 and import it to Turbotax or Taxact.
However, crypto ordinary income doesn’t fall into one single tax form. Hence, you might need different tax forms dependent och the specific situation.
For example, mining is usually defined as self employment income and therefor schedule C is needed.
For crypto lending income schedule 1 is needed.
With a crypto tax software you can get your earnings differentiated automatically and download full income report.
After this, you can report your tax file by upload it to Turbotax and Taxact.