US Taxes - Form 8949, Turbo Tax and Importing Transaction data

[virtualfaqs]

What's the easiest way to do this?

I'm using Turbo Tax and I have my Mtgox transaction history up to 2013.

I don't want to type out 1000 lines of transactions. Anyone have a good solution to this? I have briefly read that Turbotax can import a certain file type after converting an Excel file.

I got the data imported into kryptotax.com but it fails at bitcointax.info. So I have an idea what my 2013 Capital Gains are and will probably pay the taxes based on that and file an extension while I figure this out. But krypotax.com has no print outs.

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[1715535991]

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[virtualfaqs]

This looks like good advice. So I'll probably follow it.
https://ttlc.intuit.com/questions/1491785-can-i-import-sale-and-cost-basis-information-directly-from-an-excel-spreadsheet-into-the-turbotax-spreadsheet-or-directly-to-the-irs-form-8949

You cannot go directly from Excel to Turbotax.  You would need to convert the spreadsheet into a TXF file.  A Google search on "Excel to TXF" might work, but some of the results are commercial programs not affiliated with Turbotax.  An easier way would be to merely attach an Excel spreadsheet.

If you just list the totals from a worksheet or spreadsheet it must be the same as the column headings on Form 8949.  If you do, you can still e-file. Within 3 days of filing acceptance of your e-file, you should complete Form 8453 ( http://www.irs.gov/pub/irs-pdf/f8453.pdf ). The Form is mailed with your securities list, in the format of Form 8949, and mailed to the the address listed in the instructions.

Instructions for Form 8453 include the following:

If you are filing your tax return using an online provider [such as Turbotax], mail Form 8453 to the IRS within 3 business days after you have received acknowledgment from your intermediate service provider and/or transmitter that the IRS has accepted your electronically filed tax return. If you do not receive an acknowledgment, you must contact your intermediate service provider and/or transmitter.




Is there a bitcoin tax website that automatically sorts out all my Mtgox transactions into easy to print Excel sheets?

[KyrosKrane]

Is there a bitcoin tax website that automatically sorts out all my Mtgox transactions into easy to print Excel sheets?

Check out bitcointaxes.info. It makes it trivial to do these calculations and export to Excel or Turbotax TXF files.

[virtualfaqs]

Is there a bitcoin tax website that automatically sorts out all my Mtgox transactions into easy to print Excel sheets?

Check out bitcointaxes.info. It makes it trivial to do these calculations and export to Excel or Turbotax TXF files.

Thanks. Will try em again. But last time they had problems importing my Gox data and don't give a reason for the problem.

But now that I have 5 more months! haha

[counter]

Thanks for taking the time to share how you went about doing your taxes in detail here.  This could be very useful for many people in the future. 

[virtualfaqs]

Thanks for taking the time to share how you went about doing your taxes in detail here.  This could be very useful for many people in the future. 

No problem. Surprises me I didn't find any other thread about this. Of course I didn't look that hard. I got myself another 5 months to figure this out.

[KyrosKrane]

Thanks for taking the time to share how you went about doing your taxes in detail here.  This could be very useful for many people in the future. 

No problem. Surprises me I didn't find any other thread about this. Of course I didn't look that hard. I got myself another 5 months to figure this out.

I posted something pretty similar (though much more long-winded) here: https://bitcointalk.org/index.php?topic=572763.0

[d2dtk]

DO you get more money back/tax break if the value dropped from when you originally purchased btc?

[KyrosKrane]

DO you get more money back/tax break if the value dropped from when you originally purchased btc?

To a limited extent, yes. That's a loss which you can use to offset your capital gains. For example, if you bought a bitcoin for $400 and sold it for $800, and then you bought another bitcoin for $1000 and sold it for $700, then you subtract your net loss ($300) from your net gain ($400) and only pay capital gains tax on the difference ($100). I'm not sure of the rules if your capital losses exceed your capital gains.

[DNScode]

sharing how you went about doing your taxes in detail here you probably help many people. Good for you!