Get ready for an absolute nightmare filing your taxes this year

So I’ve been filing with TurboTax for a few years now. And each year it’s been smooth. Now last year, I was very active in buying/selling crypto. Queue nightmare filing…

It normally takes me 20 minutes tops to file my taxes. It’s fairly straightforward and painless.

So far, it has taken me 2 days and I’m still not done. So here are some fun facts to look forward this year when filing your taxes, with TurboTax, and I assume elsewhere as well since crypto is apparently still new to the accounting world.

When you’re using TurboTax to file your crypto activities:

1. You cannot directly import from Binance using API, you must download CSV and import into TurboTax that way. Which is only a minor inconvenience if it wasn’t for the fact that..

2. The CSV is also broken. Once you input your CSV from Binance, don’t be surprised if all your transactions that were in the hundreds and thousands are incorrectly entered as millions. Because TurboTax doesn’t know how to use decimal points apparently. This just means you’ll have to go back to every single transaction and re-input all of the numbers so they’re not in the millions. Better have your CSV handy for this to double check the numbers. And it gets worse if you’re transactions aren’t in some large crypto exchange because..

3. Better hope your transactions are on one of the main crypto exchanges. If not, get ready to use an cryto scanner to get all of your transactions for the year off the blockchain and enter them one by one. Be sure to know when you bought what and when you sold what, and for how much the value was at that given date. Which just means you’ll have open CoinMarketCap on another tab and calculating averages for each transaction. In case you want some help with any of this..

4. TurboTax Live help is absolute dumpster fire when it comes to crypto. They’ll charge you $80 for someone absolutely not qualified or even remotely familiar with crypto to come on live chat with you, stare at you for a few minutes confused and tell you to try your best! Oh and you..

5. Better hope you haven’t bought or sold NFTS. TurboTax doesn’t have support for that at this time.

6. Good luck if you bought or sold NFTs as you’ll need to have recorded every transaction, when it was bought and sold for the price at that time. If you got into some shady crypto start-up (like Stepn, which was popular mid last year, or something similar to that), may God help your soul. All of the NFT transactions are not documented anywhere.

This is the fun part of crpyto, the taxes. Better hope and pray your total crypto transactions for 2022 are under a hundred or in the low hundreds. Because if all else fails, you’ll have to enter in every single transaction by hand.