BLOG
/
Guides
checkCircle
Expert verified
7 min read

How to File Your Crypto Taxes with TaxAct (Step-by-Step)

How to File Your Crypto Taxes with TaxAct (Step-by-Step)
How to File Your Crypto Taxes with TaxAct (Step-by-Step)
info
Our Editorial Standards:
Our content is designed to educate the 500,000+ crypto investors who use the CoinLedger platform. Though our articles are for informational purposes only, they are written in accordance with the latest guidelines from tax agencies around the world and reviewed by certified tax professionals before publication. Learn More
on this page
close

Are you trying to report your cryptocurrency taxes on TaxAct? 

In this guide, we’ll 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.

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. 

Capital gains tax: If you dispose of cryptocurrency, you’ll 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. 

Income tax: If you earn cryptocurrency, you’ll 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

For more information, check out our complete guide to crypto taxes

Does TaxAct handle cryptocurrency? 

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. 

Why should I use CoinLedger with TaxAct? 

If you’re looking for a crypto tax software to use with TaxAct, consider CoinLedger. 

User friendly: You don’t need to be a tech or finance expert to use the platform. CoinLedger is easy-to-use and designed for the everyday crypto investor. 

Customer support: If you have any questions during any step of the process, our customer support team is ready to answer your questions on email and live chat. 

Integrations with wallets and exchanges: CoinLedger can automatically import your transactions from wallets like MetaMask and exchanges like Coinbase!


Interested in getting started? Generate a free preview report today

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. Pick your TaxAct plan. You’ll need Premier or higher to report gains and losses from cryptocurrency. 

TaxAct tiers

2. Log in to your TaxAct Account. Enter your personal information including your name, marital status, and address. 

3. Navigate to the Stock CSV Section

Search "Crypto" from the help center sidebar on the right-hand side of the screen. Select the option labeled ‘Crypto’.

Navigate to crypto section

4. In the next screen, select the option labeled ‘CSV Import’. 

Select CSV export

5. After this, click the purple button labeled ‘CSV Import’ to get started uploading your transactions. 

Select csv import

6. 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’. 

If you don’t have a file for this step, you can create an account with CoinLedger and generate a TaxAct csv file in minutes. 

CSV Import

7. 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’.

CSV import crypto

8. Select all rows by clicking the top checkbox. This will select all rows. Click ‘Continue’. 

You may receive an alert from TaxAct to double check the file. Once you’ve confirmed the information is correct, you can click ‘Continue’. 

Check the import box

9. Review your data, then click the “Import” button to import your data into TaxAct. 

Import your data

10. That’s it! Once you’ve successfully imported your TaxAct transactions, you’ll see this message. You can now complete the rest of your tax return within TaxAct.

CSV import complete


Frequently asked questions

  • When do you report cryptocurrency on your tax return? 
    MinuPlus
  • What tax rate do you pay on cryptocurrency? 
    MinuPlus
  • Where do I enter crypto on TaxAct?
    MinuPlus
  • How can I create a csv of my crypto transactions for TaxAct? 
    MinuPlus
  • MinuPlus
  • MinuPlus
...
Want to try CoinLedger for free? Claim your free preview tax report.

Join 500,000 people instantly calculating their crypto taxes with CoinLedger.

How we reviewed this article

Edited By
Sources

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.

KNOWLEDGE BASE

Demystify Crypto Taxes

The Ultimate Crypto Tax Guide (2024)

This guide breaks down everything you need to know about cryptocurrency taxes, from the high level tax implications to the actual crypto tax forms you need to fill out.

Crypto taxes overview
howToHandleCryptocurency
Crypto Tax Rates 2024: Complete Breakdown

Here’s how much tax you'll be paying on your income from Bitcoin, Ethereum, and other cryptocurrencies.

Crypto tax rates
howToReportCryyptoLosses
How Crypto Losses Can Reduce Your Taxes

Crypto and bitcoin losses need to be reported on your taxes. However, they can also save you money.

How crypto losses lower your taxes
ellipseellipsecalculator

Calculate Your Crypto Taxes

  • Check
    No credit card needed
  • Check
    Instant tax forms
  • Check
    No obligations
Get Started For Free
percent
ellipseellipse
Jump to
list