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Are you trying to report your cryptocurrency taxes on TaxAct?Â
TaxAct helps millions of customers navigate tax season. While the platform wasnât built specifically for cryptocurrency, it can help crypto investors report taxes on their holdings.Â
In this guide, weâll cover the basics of cryptocurrency taxation and share a simple step-by-step process that can make filing your crypto taxes on TaxAct easier than ever.Â
Do I report buying cryptocurrency on my taxes?
Remember, cryptocurrency is considered property by the IRS and is subject to capital gains and income tax.Â
Capital gains tax: If you dispose of cryptocurrency, youâll incur a capital gain or loss depending on how the price of your crypto has fluctuated since you originally received it. Examples of disposals include selling cryptocurrency or trading it for other cryptocurrencies.Â
Income tax: If you earn cryptocurrency, youâll recognize ordinary income based on the fair market value of your coins at the time you received them. Examples include earning staking, mining, or airdrop rewards.Â
For more information, check out our complete guide to crypto taxes.Â
Does TaxAct handle cryptocurrency?Â
While TaxAct does allow users to file crypto taxes, the platform does have limitations.Â
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.Â
Luckily, TaxAct partners with crypto tax platforms like CoinLedger to make filing cryptocurrency taxes easier than ever.Â
Why should I use CoinLedger with TaxAct?Â
If youâre looking for a crypto tax software to use with TaxAct, consider CoinLedger.Â
The simplest platform on the market: You donât need to be a tech or finance expert to use the platform. CoinLedger is easy-to-use and designed for the everyday crypto investor.Â
Donât venture into tax season alone: If you have any questions during any step of the process, our support team is ready and available for all of our customers.Â
Import your tax return with a click: Once youâve uploaded your crypto transaction history into CoinLedger, youâll be able to create a crypto tax csv file that you can import to your TaxAct account in minutes.Â
Interested in getting started? Generate a free preview report today.Â
How to file your crypto taxes with TaxActÂ
Once youâve created a CoinLedger account, youâll be able to compile all of your crypto gains and losses on a single csv file. Hereâs how you can upload this file onto your TaxAct account.Â
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 âChoose Fileâ 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 âContinueâ

5. You will see a preview of the file you just imported
CoinLedger automatically matches your data to TaxActâs format, so you can simply hit âContinueâ.

6. Select all rows by clicking the top checkbox
This will select all rows. Click âContinueâ.

7. Click the âImportâ button to import your data into TaxAct.
Once complete, youâll see this message!

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

9. Thatâs it! Youâve successfully imported your cryptocurrency transactions
You can now complete the rest of your tax return within TaxAct.
Frequently asked questionsÂ
Letâs cap things off by answering some frequently asked questions about TaxAct crypto taxes.Â
When do you report cryptocurrency on your tax return?Â
Typically, you report cryptocurrency on your tax return when youâve disposed of it or earned crypto income. Holding cryptocurrency is not considered a taxable event.Â
What tax rate do you pay on cryptocurrency?Â
The tax rate that you pay on cryptocurrency is dependent on multiple factors, such as the length of time youâve held your crypto and your personal income bracket.Â
Where do I enter crypto on TaxAct?Â
Cryptocurrency gains and losses should be entered in the âInvestment Incomeâ section of your TaxAct account.Â
How can I create a csv of my crypto transactions for TaxAct?Â
With CryptoTrader.Tax, you can create a csv that contains all of your cryptocurrency gains and losses and can easily be imported into TaxAct.Â
Frequently asked questions
How we reviewed this article
All CoinLedger articles go through a rigorous review process before publication. Learn more about the CoinLedger Editorial Process.

CoinLedger has strict sourcing guidelines for our content. Our content is based on direct interviews with tax experts, guidance from tax agencies, and articles from reputable news outlets.