{"id":61689,"date":"2023-01-30T16:42:03","date_gmt":"2023-01-30T22:42:03","guid":{"rendered":"https:\/\/resource-center.hrblock.com\/?page_id=61689"},"modified":"2024-04-19T12:53:12","modified_gmt":"2024-04-19T17:53:12","slug":"cointracker-partnership","status":"publish","type":"page","link":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/cointracker-partnership\/","title":{"rendered":"H&R Block and CoinTracker have partnered to make your crypto taxes easy"},"content":{"rendered":"\n
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H&R Block and CoinTracker have partnered to<\/mark> make filing your crypto taxes easy<\/mark> <\/h1>\n\n\n\n
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Investing in cryptocurrency can be tricky \u2014 especially when it comes time to file your taxes. Luckily, H&R Block has teamed up with CoinTracker, so you can file easily and confidently.<\/p>\n\n\n\n

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Import your crypto transactions and H&R Block will do the rest<\/strong><\/h2>\n\n\n\n
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When you file with H&R Block Online, you can link your CoinTracker account and automatically import all your 2023 transactions.<\/p>\n<\/div><\/div><\/div><\/section>\n\n\n\n

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Save time<\/strong> <\/h3>\n\n\n\n

No need to manually enter your transactions row by row. Whether you have 50 transactions or 5000, they\u2019ll be imported in just a few clicks.<\/p>\n<\/div>\n\n\n\n

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Improve accuracy<\/strong><\/h3>\n\n\n\n

Avoid mistakes that can happen from cutting and pasting data, ensuring you report your crypto income accurately.<\/p>\n<\/div>\n\n\n\n

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Simplify your filing<\/strong> <\/h3>\n\n\n\n

Your gains and losses are added automatically to the right place on your return, taking the stress out of figuring it out on your own.<\/p>\n<\/div>\n<\/div>\n<\/div><\/div><\/section>\n\n\n\n

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Special offer for H&R Block clients<\/h2>\n\n\n\n

As an H&R Block client, you receive a 20% discount on your first year using CoinTracker. Visit the CoinTracker site for details. <\/p>\n\n\n\n

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Visit CoinTracker<\/a><\/div>\n<\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n
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Have questions?<\/strong> Check out our FAQs below. Plus, check out our post on cryptocurrency taxes<\/a>. <\/p>\n<\/div><\/div><\/div><\/section>\n\n\n\n

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Here\u2019s how it works<\/h2>\n\n\n\n
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  1. Start your return in H&R Block Online.<\/li>\n\n\n\n
  2. Choose Direct Import<\/strong> once you get to the cryptocurrency import screen.<\/li>\n\n\n\n
  3. Connect your CoinTracker account and import your transactions. If you\u2019re new, you\u2019ll need to create a CoinTracker account first.<\/li>\n\n\n\n
  4. Compete and file your return within H&R Block.<\/li>\n<\/ol>\n\n\n\n

    To make the process even smoother, log into your CoinTracker app before you begin importing your data and purchase a valid CoinTracker plan. <\/p>\n<\/div>\n\n\n\n

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    Get started with your crypto taxes today<\/h2>\n\n\n\n

    You can file your crypto taxes using H&R Block Premium Online<\/strong><\/a> or H&R Block Self-Employed Online<\/strong><\/a>. <\/p>\n<\/div><\/div><\/div><\/section>\n\n\n\n

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    CoinTracker & H&R Block Integration and Crypto FAQs<\/h2>\n<\/div><\/div><\/div><\/section>\n\n\n\n

    I\u2019m not familiar with CoinTracker. How can I use it for my cryptocurrency taxes?<\/h3><\/div><\/a>

    CoinTracker is a cryptocurrency portfolio assistant that allows users to track their crypto performance taxes and more. You can import your crypto transactions from most exchanges and then import that data into your H&R Block tax return.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n

    Are there any changes to CoinTracker\u2019s products and services for H&R Block users this year?<\/h3><\/div><\/a>

    Yes, we\u2019ve made it easier for you! Previously, you would have to copy and paste each row from Form 8949 created by CoinTracker into H&R Block. This year, we\u2019ve improved the experience. All the rows from Form 8949 will be automatically entered within H&R Block Online when you create and\/or connect your CoinTracker account.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n

    My spouse and I both use CoinTracker. How do we import transactions from both accounts?<\/h3><\/div><\/a>

    One at a time. After importing and reviewing your tax information from your CoinTracker account, make sure to log out of CoinTracker. Then, your spouse can log into their CoinTracker account and import their crypto data. Alternatively, if you prefer to be logged into both accounts simultaneously (to easily review transactions), login to the second CoinTracker account in a “New Incognito window.”<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n

    Why are the number of items imported different from the number of transactions in my CoinTracker application?<\/h3><\/div><\/a>

    CoinTracker’s application lists all the transactions made. What’s imported to H&R Block are the purchase prices (cost basis lots) for those transactions. For example, if you purchased 1 BTC in 2020 for one amount and another 1 BTC in 2021 for another amount, then sold both 2 BTC in 2022 in a single sale transaction, CoinTracker’s application lists the sale of those 2 BTC as one transaction. Since the one transaction included two different purchase prices, two rows of data were imported.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n

    I work with a tax pro instead of filing online. How can I give my tax pro access to my CoinTracker account?<\/h3><\/div><\/a>

    You can collaborate with your tax pro in a couple of ways. Your tax pro can access your data and reconcile transactions on your behalf.
    \u00a0
    Follow the steps below to invite your tax pro.
    1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Log in to your CoinTracker account
    2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Click on your email in the upper right
    3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Click \u2018Add tax professional\u2019
    4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Click \u2018Invite tax pro’
    5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Add your tax professional\u2019s email and click \u2018Invite\u2019<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n

    Do I need to file crypto taxes if I\u2019ve lost money on my crypto?<\/h3><\/div><\/a>

    Yes, you should file crypto taxes if you\u2019ve lost money on crypto because you may be able to reduce your taxes by offsetting capital gains<\/a> against the losses and potentially deducting the losses. This is called tax loss harvesting.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n

    What tax documents do I need from CoinTracker to file with H&R Block?<\/h3><\/div><\/a>

    Your data will transfer seamlessly from your CoinTracker account onto all the necessary forms as part of your return completed through H&R Block. Some users with large transaction volumes will be prompted to attach a copy of their Form 8949, which you can get from CoinTracker.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n

    When do you select \u2018Yes\u2019 to the digital asset question on Form 1040?<\/h3><\/div><\/a>

    This is a common question as it can be a bit confusing to know which situations apply.\u00a0 When you file with H&R Block Online, we\u2019ll ask you about your crypto usage to cover this question.
    \u00a0
    Select \u2018Yes\u2019 if you:
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exchanged digital assets for goods, services, or property
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exchanged or traded one digital asset for another digital asset
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sold digital assets
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Received digital assets as payment
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Received digital asset for free that doesn\u2019t quality as a bona fide gift (Ex: airdrop)
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Received digital assets for mining or staking
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Received digital assets as a result of a hard fork
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Transferred or distributed financial interests in digital assets
    \u00a0
    Select \u2018No\u2019 if you:
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Only held digital assets (virtual currency, NFTs) in your wallet or account
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Transferred digital assets between your own wallets or accounts
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Purchased digital assets using real currency<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n

    What are NFTs?<\/h3><\/div><\/a>

    Similar to cryptocurrency, non-fungible tokens (NFTs) are units of data stored on a digital ledger called a blockchain. Unlike cryptocurrency where any unit can be swapped out for another without changing the value of the asset \u2014 NFTs are unique and therefore not interchangeable. In plain terms, NFTs are unique digital assets.

    NFTs\u00a0 can be used to represent digital files such as photos, videos, audio, etc. For example,     Bored Ape Yacht Club<\/a> is a popular collection of thousands of\u00a0digital ape avatars with different facial features and characteristics.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n

    How do taxes work for NFTs?<\/h3><\/div><\/a>

    NFTs are considered property and can be subject to both capital gains and income tax. The way NFTs are taxed will depend on if you are a creator (creating\/ minting and selling NFTs) or an investor (buying\/ selling NFTs).
    \u00a0
    The types of taxable events for creators include:
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Minting\/selling an NFT
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Earning NFT royalties
    \u00a0
    The types of taxable events for an investor include:
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Purchasing an NFT
    \u25cf\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Selling an NFT
    \u00a0
    See complete     NFT tax guide from CoinTracker<\/a>.<\/p><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

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