How to File Crypto Taxes with TurboTax in 2025 (Step-by-Step Guide)

Blockstats TeamNov 15, 2025

Tax season is coming, and if you traded, sold, or earned crypto in 2025, the IRS expects you to report it. If you’re a crypto investor, accurate filing isn’t optional, it’s mandatory for avoiding penalties.

TurboTax is the go-to tax preparation platform for millions, but it was not built for the complexity of crypto and its decentralized nature. It cannot track your cost basis across Coinbase, MetaMask, and a DeFi swap on Uniswap. Trying to file directly will almost certainly lead to errors and overpayment.

Follow this step-by-step guide on how to do your TurboTax crypto taxes in 2025 with a dedicated crypto tax software, Blockstats, for your tax return.

Quick summary

If you’re filing crypto taxes in 2025:

TurboTax is great for traditional taxes.

Blockstats is built for crypto tracking and tax automation.

TurboTax cannot handle complex crypto data alone.

You still need a crypto tax software like Blockstats to calculate capital gains.

Blockstats handles DeFi, NFTs, DEXs, staking, airdrops, L2s, and cross-chain swaps automatically.

TurboTax relies on manual uploads, spreadsheets, and simplified CSVs.

Blockstats integrates with major exchanges and wallets, provides audit-ready logs, AI error detection, and one-click TurboTax export.

Does TurboTax support cryptocurrency tax?

Yes, but with limitations.

TurboTax allows you to report crypto transactions on your tax return. You can upload capital gains data, report crypto income, and file everything the IRS requires. But TurboTax won't do the hard part for you, calculating your cost basis, tracking your gains and losses, or figuring out which transactions are taxable.

That's where crypto tax software comes in. Tools like Blockstats handle all the calculations automatically. They track every transaction across your exchanges and wallets, calculate your cost basis using IRS-approved methods, and generate a TurboTax-ready report. You then upload that report to TurboTax and file your return.

Which crypto exchanges and wallets TurboTax support?

TurboTax supports major crypto exchanges and wallets.

Crypto exchanges supported by TurboTax

Crypto investors can either connect using the API or upload a CSV file. Here's a full list of the supported exchanges:

Coinbase
Binance US
Kraken
Gemini
Crypto.com
KuCoin
Bitstamp
Uphold
Bittrex
Poloniex
OKX
Gate.io
Bitfinex

But the problem is that TurboTax expects structured CSVs, not raw exchange exports.

This is where Blockstats comes in. It takes raw exchange CSVs and converts them into IRS-compliant, TurboTax-ready tax forms.

Crypto Wallets supported by TurboTax

TurboTax supports a few popular crypto wallets, including:

MetaMask
Trust Wallet
Coinbase Wallet
Exodus

However, using MetaMask for transactions on Binance Chain or Polygon presents a difficulty, as these transactions are not compatible with TurboTax. In short, TurboTax only supports limited wallets with very limited transaction types.

Which cryptocurrencies does TurboTax support?

TurboTax supports limited cryptocurrency tracking, allowing users to enter a public address/xpub key or upload a CSV for certain popular coins.

For cryptocurrencies supported by public address entry:

Bitcoin
Ethereum (limited; DeFi, margin, and futures not supported)
Bitcoin Cash
Dogecoin
Litecoin

For cryptocurrencies requiring CSV only:

Tezos
Ripple
Polkadot
Solana

The limitations mean Ethereum investors may not track all transactions, and CSV-only imports can be difficult if wallets don't support CSV export. Users need to combine and format multiple CSV files to fit TurboTax's universal format. Exporting xpub keys from some wallets is also challenging.

Checkout Blockstats' crypto tax calculator to get a quick preview of your tax liability based on your trading activity.

What crypto transactions can you report in TurboTax?

TurboTax can handle all the crypto transactions the IRS cares about. Here's what you need to report:

Capital Gains and Losses

Every time you sell, trade, or spend crypto, you trigger a taxable event. These transactions create capital gains or losses, and they need to be reported on your tax return.

Examples of taxable events:

Selling crypto for USD or any fiat currency
Trading one cryptocurrency for another, like Bitcoin for Ethereum
Using crypto to buy goods or services

Crypto Income

If you earned crypto, that's taxable as ordinary income. This is separate from capital gains. It's reported as income at the fair market value of the crypto on the day you received it.

Example of crypto income:

Staking rewards, Mining income, Airdrops, and hard fork income
Interest from crypto lending platforms
Crypto received as payment for work or services

This income gets reported on Schedule 1 of your tax return, and TurboTax has a section specifically for this. You'll need to know the USD value of the crypto when you received it, which is exactly what Blockstats calculates for you.

How to generate your audit-ready report with Blockstats for TurboTax?

Your first and most crucial step is outside of TurboTax. You need to gather, clean, and categorize your entire crypto history.

Step 1: Log in or sign up on Blockstats

Step 2: Import your crypto transactions using API sync or CSV upload, depending on your exchange's supported method.

Step 3: Review your transactions.

Step 4: Download your crypto tax report.

How to enter crypto gains and losses into TurboTax Online?

Now that you have your tax reports from Blockstats, it's time to file with TurboTax.

Step 1: Log in to TurboTax and select your package

Go to TurboTax Online and log in to your account. You need either TurboTax Premier or Self-Employment for crypto tax.

Step 2: Answer basic questions

TurboTax will ask you some basic questions about your filing status, dependents, and income sources. Answer these as you normally would.

Step 3: Navigate to "Wages & Income"

Click on the "Federal" tab, then select "Wages & Income."

This is where you'll add all your income sources, including your crypto transactions.

Step 4: Add Investment Income

Within Wages and Income, select the investments and savings (1099-B, 1099-INT, 1099-DIV, Crypto Gain/Loss Report). Then select start/revisit on stocks, cryptocurrency, mutual funds, bonds, other (1099-B)

Step 5: Select 'Yes' on the question

On the next page, Select 'Yes' on the question “did you have investment income in 2024?”

Step 6: Select “Enter a different way" on the tax import screen

Step 7: Choose "Cryptocurrency" as your investment type

Choose "Cryptocurrency" as your investment type from the options below on the page.

Step 8: Select "Upload it from my computer”

Under select your crypto experience, select upload it from my computer option, and click on continue.

Step 9: Select Other as your preferred platform

From the drop-down under "what's the name of the crypto service you used?" select other.

Under Name, write Blockstats. Under CSV type, select Gain/Loss Report or Form 1099-B, and click on the continue button.

Step 10: Upload your Blockstats CSV file

Now click "Browse" or "Choose File" and select the Blockstats Capital Gains CSV file you downloaded earlier.

TurboTax will process the file. This can take a minute or two, depending on how many transactions you have. Once it's done, you'll see a summary of your crypto sales and trades.

Step 11: Review your sales

TurboTax will display a summary showing your total capital gains or losses. Take a moment to verify the numbers match what you see in your Blockstats report.

Look for:

Total short-term gains or losses
Total long-term gains or losses
Number of transactions imported

If everything looks correct, click "Continue." TurboTax will add this data to your tax return automatically.

Note: If there is a small difference, it's because TurboTax rounds your figures.

Congrats, you have finished reporting your crypto capital gains and losses.

Now, let's move on to income!

How to report crypto capital gains in TurboTax?

The process above focuses on reporting capital gains and losses from cryptocurrency. Please note that cryptocurrency income, specifically from sources like mining and staking rewards, must be reported separately.

TurboTax does not offer direct support for reporting staking or mining income. You will need to use a separate procedure to report these types of income.

1. Go to Federal Tab, under wages & income, select the drop-down menu on less common income.

2. Select start next to miscellaneous income, 1099-A, 1099-C.

3. Select start next to other reportable income.

4. On the section "Any Other Taxable Income?", select Yes.

5. Under description, here you can enter the details for your cryptocurrency income, such as staking, mining, airdrop, interest, etc. Under the amount section, enter the total amount from the income summary section of your Blockstats tax report. Once done, click on the continue button.

6. Now, review your miscellaneous income summary and click on the done button.

How to report crypto with TurboTax desktop?

If you're using TurboTax Desktop instead of the online version, the process is slightly different but just as straightforward.

The main difference is the file format. TurboTax Desktop uses TXF files instead of CSV files for importing investment data. TXF files contain more detailed information and can handle larger transaction volumes, which makes them ideal for active traders.

Log in to Blockstats, connect all your wallets, exchanges, and blockchains. Calculate your taxes and then download the BlockstatsTurboTax Export.

Once you have done the above steps, follow these steps:

Log in to TurboTax and go to your tax return
In the top menu, select file
Select import, and then select upload crypto sales
Under the section, what's the name of the crypto service you used? Select other from the dropdown menu, then click on the continue button.
Now, choose, upload it from my computer, and upload your TurboTax Export file. It will display a message that crypto sales uploaded successfully.

You're done!

How to File Crypto Taxes for Free

Crypto taxes aren't free to file, but there are ways to minimize costs.

Can you use TurboTax free edition?

Unfortunately, no. TurboTax Free Edition doesn't support investment income, which means you can't report cryptocurrency on the free version.

You'll need at least TurboTax Premier, which costs around $89 for federal filing. If you have crypto income from mining or staking, you'll need Self-Employment, which is around $129.

There's no way around this if you want to use TurboTax. The free version simply doesn't have the forms you need.

Blockstats free plan

Here's some good news: Blockstats offers a free plan for users for a limited time. If you only made a handful of trades in 2025, you can check for the free tier.

For active traders, Blockstats offers affordable paid plans that are still cheaper than hiring a crypto tax accountant. Most accountants charge $500 to $2,000 or more to handle crypto taxes, while Blockstats costs a fraction of that and does the work automatically.

Even if you're paying for both TurboTax and Blockstats, you're still spending less than $200 total to file your crypto taxes accurately and compliantly. That's a small price to pay for peace of mind and avoiding IRS penalties.

What’s the best crypto tax software to use with TurboTax?

Looking for the best crypto tax software to use with TurboTax? Here’s why you should choose Blockstats.

Using Blockstats with TurboTax is the easiest way to stay compliant and avoid errors. Blockstats automates the entire tax calculation process, so you don't have to worry about tracking cost basis, calculating gains, or making mistakes that could trigger an IRS audit.

Here's what makes Blockstats different:

Automatic calculation of capital gains and cost basis:

Blockstats tracks every transaction across all your exchanges and wallets, calculates your cost basis using IRS-approved methods.

Supports all major exchanges and wallets:

Whether you trade on Coinbase, use MetaMask for DeFi, or buy NFTs on OpenSea, Blockstats pulls in all your data automatically. It even handles complex DeFi transactions like liquidity pools and yield farming.

AI-Insights:

This is where Blockstats really shines. The AI automatically detects issues in your transaction data, like missing cost basis, duplicate entries, or suspicious patterns

Generates TurboTax-ready CSV files:

Once your transactions are imported and reviewed, Blockstats generates a CSV file formatted exactly how TurboTax expects it. You download the file, upload it to TurboTax, and you're done.

If you need support at any point while using Blockstats, our support team is available for all of you via email.

Calculating crypto taxes manually is time-consuming and error-prone. Blockstats eliminates that headache.

Sign up for free on Blockstats now

Frequently asked questions

Where do I enter crypto in TurboTax?

Go to Federal, then Wages & Income, then Investment Income. Look for "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other" and click Start. From there, select Cryptocurrency and upload your CSV file from Blockstats.

Which TurboTax version do you need for crypto?

Not all TurboTax versions support cryptocurrency. You need the TurboTax Premier or TurboTax Self-Employment plan. TurboTax Free Edition won't work for crypto tax.

Does TurboTax automatically import crypto from exchanges?

No. TurboTax doesn't connect directly to crypto exchanges. You need to use crypto tax software like Blockstats to calculate your taxes and generate a CSV file, then upload that file to TurboTax.

How long does it take to file crypto taxes with TurboTax?

If you have your Blockstats report ready, filing in TurboTax takes about 10 to 15 minutes. The actual tax calculation in Blockstats can take anywhere from a few minutes to an hour, depending on how many transactions you have and how many accounts you need to connect.

How do I report mining and staking income on TurboTax

Income earned from cryptocurrency staking and mining, when done as a hobby, should be reported as 'Miscellaneous Income' within the TurboTax platform.

Can Blockstats handle DeFi and NFT transactions?

Absolutely. Blockstats supports DeFi protocols like Uniswap, Aave, Compound, and others. It also tracks NFT purchases and sales across marketplaces like OpenSea and Rarible. The software automatically categorizes these transactions and calculates your tax liability correctly.

Will the IRS know if I don't report crypto?

Yes. Most major exchanges now report customer data to the IRS using Form 1099-B, 1099-MISC, or 1099-K. The IRS cross-references these forms with your tax return, and any discrepancies trigger an audit risk. Even if your exchange doesn't report, the IRS can trace blockchain transactions using forensic tools.