A lot of our users use tax software to easily file their tax returns. We have special exports for the most used programs and also share instructions below:
Canada: H&R Block
Find a comprehensive guide on how to use Koinly with Turbotax on our blog for detailed instructions.
Why is Turbotax asking me to review all transactions? (US)
This review was only recently added to the Online version of Turbotax but the CD/Download version has a similar review section.
This section is entirely optional and can simply be skipped by clicking on the Continue button. It's a nice option to have but most active traders do not fill in this section since there are so many transactions.
This review section will come up for anyone who imports a CSV file to Turbotax as it's not possible to include this additional information in the CSV file itself.
If you have more than 4000 disposals:
Turbotax has a limit of 4000 transactions you can import so if you have more than this, Koinly will aggregate your transactions keeping the long-term and short-term gains the same.
For more information, check our article about Report Aggregation.
You can download the TaxAct export from Koinly which should provide you with the file you need. Here are the steps you'll need to follow:
Login to your TaxAct Account.
Navigate to the Investment Income Section.
From the Investment Income section, select the “Gain or loss on the sale of investments” dropdown arrow.
From the Gain or loss dropdown section, select “Stock data import”.
Select CSV Import *This is where you will import the TaxAct CSV file that you downloaded from your Koinly account. This is the file that contains all of your gains and losses from all of your cryptocurrency transactions.
Choose a file and select the TaxAct CSV file that you downloaded from Koinly. Click continue.
You will see a preview of the file you just imported. Koinly matches the data to the TaxAct format, so you should simply need to hit continue on this step.
Select all rows by clicking the top checkbox. This will select all rows except the descriptions. Click Continue.
Click the “Import” button to import your data into TaxAct. You will see this success message once complete.
To review your imported transactions, you can launch the TaxAct Stock Assistant. You can manage your transactions here.
That’s it! Now you have successfully imported your cryptocurrency transactions. You can now complete the rest of your tax return within TaxAct.
We recorded a detailed video on how to file Crypto Taxes on TurboTax Canada:
We have partnered with Wealthsimple to simplify the process of importing your crypto transactions to Wealthsimple. See our Wealthsimple guide.
While we do not have a special export for H&R Block, you can use the data from our Schedule 3 report to fill your data on this platform:
Why are my acquisition costs and proceeds so high?
This is because these figures are the sum of all of your disposals' costs and proceeds - you could say that it's your trading volume. These figures do not represent your total investment which is usually much smaller.
See our article proceeds from sales & acquisition costs are very high for more info.
My capital gains are wrong/too high!
We recommend checking the completeness/correctness of the data imported to Koinly before downloading the reports - see how to ensure your tax report is accurate.