How to Report Your Cryptocurrency on H&R Block (Step-by-Step)

Wondering how to report your cryptocurrency transactions on H&R Block? 

H&R Block is one of the most robust tax platforms on the market. However, it’s important to remember that H&R Block wasn’t designed with cryptocurrency in mind — meaning that some crypto investors have trouble reporting their transactions. 

In this guide, we’ll break down everything you need to know about reporting your cryptocurrency on H&R Block. We’ll break down the basics of cryptocurrency taxation and share a simple step-by-step process to help you import all of your cryptocurrency transactions into H&R Block (including complex NFT and DeFi transactions!) 

How is cryptocurrency taxed? 

Cryptocurrency is subject to ordinary income and capital gains tax. 

For more information, check out our complete guide to cryptocurrency taxes. 

Does H&R Block support cryptocurrency? 

H&R Block’s premium version does support cryptocurrency disposals. However, it’s important to remember that H&R Block wasn’t explicitly built for cryptocurrency taxes. As a result, the platform can have trouble tracking crypto across different blockchains and exchanges. 

That’s why many investors choose to import their transactions into crypto tax software like CoinLedger. Once you’ve connected your wallets and exchanges, you’ll be able to generate a complete crypto tax report including full capital gains, losses, and income breakdowns based on all of your transactions. You can import these reports directly into your H&R Block account in minutes. 

What is the best crypto tax software to use with H&R Block? 

Looking for a crypto tax software to use with H&R Block? Here’s why more than 300,000 investors around the world use CoinLedger. 

Make your tax season stress-free

We know that trying to file your crypto taxes can be stressful. That’s why we took our time to design a platform that makes the process easy and intuitive. You’ll be able to import your wallets and exchanges in minutes — even if you’re not a tech or finance expert. 

Use a world-class platform at an unbeatable price

At CoinLedger, we believe that no one should be left out of the crypto-economy. Our cheapest tax reports start at just $49, and you can try out our platform by importing your transactions and tracking your portfolio for free! 

Get help from our support team 

If you have any questions during any step of the process, our support team is ready to help. They’re trained on the ins and outs of the platform and are available for all of our customers! 

If you’re interested in getting started, get started with a free CoinLedger account today. 

How to report your cryptocurrency on H&R Block 

Here’s how you can report your cryptocurrency transactions on H&R Block. 

1. Import your cryptocurrency transactions into CoinLedger. Then, generate your tax report. 

2. When you’re done, download the file labeled ‘H&R Block (TXF)’. You’ll be able to upload this file into your H&R Block Premium account.

3. Download the Premium version of H&R Block on your desktop. 

4. Navigate to ‘Start A Return’.

5. Click ‘File’ on the top left corner, then select the option ‘Import Financial Information’.

6. Click Browse, then select your H&R Block txf file for import. 

7. Next, click ‘Import Selected File’. 

8. Next, you can decide which transactions to import. It’s likely that you’ll want to keep all the transactions on your txf file. 

9. You’ll then be provided with a Financial Software Import Summary. 

And that’s it! Once you’ve completed these steps, you’ll be able to see a complete record of your cryptocurrency gains and losses within H&R Block. 

What if I have more than 2,500 transactions? 

At this time, the maximum number of transactions you can import in an electronic filing from H&R Block is 2,500. 

If you have more than 2,500 transactions, you can get a consolidated version of your Form 8949 by asset type. If you choose this option, you’ll be required to submit a line-by-line breakdown of your cryptocurrency transaction history to the IRS. 

For more information, check out our complete guide to submitting your Form 8949 to the IRS. 

Get started with CoinLedger 

Looking to import your cryptocurrency transactions into H&R Block? Get started with CoinLedger, the crypto tax software trusted by more than 300,000 investors around the world! 

Get started with a free preview report — there’s no need to enter your credit card details until you’re 100% sure your information is accurate! 

Frequently asked questions 

How do I report cryptocurrency on my taxes? 

Cryptocurrency disposals should be reported on Form 8949. Cryptocurrency income should be reported on Schedule 1 or Schedule C, depending on the specifics of your situation. 

Can H&R Block help with cryptocurrency? 

Yes. You can report your cryptocurrency transactions using H&R Block Premium. 

How do I report cryptocurrency on H&R Block? 

Because H&R Block was not specifically built for cryptocurrency, many investors choose to import txf files from crypto tax software like CoinLedger. 

Do I need to report all of my cryptocurrency transactions on H&R Block? 

You can report a consolidated version of your cryptocurrency transactions through H&R Block. However, you are required to send the IRS a complete record of your crypto transaction history separately.