When U.S taxpayers realize gains and losses on cryptocurrency transactions, those amounts are reportable on Form 1040. This walkthrough shows how to enter cryptocurrency transactions in TurboTax.
Taxpayers can make money by staking cryptocurrency and mining cryptocurrency. Crypto mining is generally treated as ordinary income and reportable for federal tax purposes.
The Coinbase cryptocurrency exchange was historically using the Form 1099-K to report gross proceeds from trading cryptocurrency. Coinbase has since discontinued using Form 1099-K and will now use the Form 1099-B.
