I am new here and have a question regarding the tax files generated using cointracker.io. I havent sold any crypto, however, trade some and my income shows around 11$. Because I havent sold anything, the capital gains is 0. When I try to export the Turbotax files, they are empty for obvious reasons. Now when I try to upload these empty files to Turbotax it says “The selected file contains no importable tax information”. Can someone help clarify as how can I get out of this situation?
Could you clarify what you mean? If you have no capital gains for the year then you don’t need to import any files to TurboTax.
I have the same question. Basically, I want to be sure that I have nothing to report if the "capital_gains_2020_HIFO_Universal.csv " and “capital_gains_turbo_tax_online_2020_HIFO_Universal.csv” have no lines other than the header line (empty csv). I also am in a similar situation where I don’t think owe anything, and I am trying to report everything. But I am not sure I am doing it right nor that everything on Cointracker and TurboTax worked as intended.
I didn’t sell crypto currency, but I did receive a small amount from coinbase earn (income). I want to be sure that the correct flow for this situation is:
Someone with no capital gains owed doesn’t have any lines of data (just title header line) in the csv files prefixed with “capital_gains*”
When the “capital_gains_turbo_tax_online_2020_HIFO_Universal.csv” is imported to turbotax, turbotax cannot import the file, and responds: “We couldn’t upload your CSV” and “No data found in this file”
There is no further reporting or thing I need to do.
I’m not a tax expert just some guy learning too…
If I’m understanding correctly, a swap counts as a sell. So, if you buy 1 xyz coin for 10 dollars, then later it is worth 15 dollars and you do a swap for coin abc you are basically:
- buying xyz for 10
- selling xzy for 15
3.buying abc for 15
and the price difference between 1 and 2 you are responsible for. Then later when you get rid of abc, if up or down, you will deal with that then. I think things like rewards wouldn’t supply a line item until you sell or transfer it, because they are treated like gifts. No tax until you sell/swap.
I do know my capital gains file had plenty of lines, cuz I did plenty of swaps (but no sells, like to the bank…) but I had WAY more entries on the regular all transactions export.
If you didn’t do any swapping, and didn’t do any straight selling (withdraw to bank), then believe your capital gains file should be empty. No need to import to turbotax…
And if you look at the actual form 8949 the IRS uses for reporting capital gains, it doesn’t want to know all buys and gifts, it wants buy/sell entries… so it stands to reason.