how to file bitcoin income

While TaxAct does allow users to file crypto taxes, the platform does have limitations.

Because TaxAct is not a native crypto tax calculator, the platform does not have automatic integrations with prominent exchanges. That means that TaxAct may have trouble determining your cost basis for crypto disposals and calculating your capital gains and losses.

Luckily, TaxAct partners with crypto tax platforms like CoinLedger to make filing cryptocurrency taxes easier than ever.

3. Include totals from 8949 on Schedule D

Once your 8949 is filled out, take your total net gain or net loss and include it on Schedule D.

Schedule D allows you to report your overall capital gains and losses from all sources. In addition to your short-term and long-term gains that come from 8949 and your crypto activity, other line items reported on Schedule D include Schedule K-1s via businesses, estates, and trusts.

How to file your crypto taxes with TaxAct

Once you’ve created a CoinLedger account, you’ll be able to compile all of your crypto gains and losses on a single csv file. Here’s how you can upload this file onto your TaxAct account.

1. Log in to your TaxAct Account

2. Navigate to the Stock CSV Section

Search “Stock CSV” from the help center. Select “Import – Stock Transactions via a CSV file”.

3. Select CSV Import

4. Click ‘Choose File’ and select the TaxAct CSV file that you downloaded from CoinLedger

This is the file that contains all of your gains and losses from all of your cryptocurrency transactions. Then, click ‘Continue’

5. You will see a preview of the file you just imported

CoinLedger automatically matches your data to TaxAct’s format, so you can simply hit ‘Continue’.

6. Select all rows by clicking the top checkbox

This will select all rows. Click ‘Continue’.

7. Click the “Import” button to import your data into TaxAct.

Once complete, you’ll see this message!

8. To review your imported transactions, you can launch the TaxAct Stock Assistant. You can manage your transactions here.

9. That’s it! You’ve successfully imported your cryptocurrency transactions

You can now complete the rest of your tax return within TaxAct.

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