How to do your H&R Block Crypto Taxes in Australia 2024
Wondering whether H&R Block does crypto? It does! But you'll need to use a crypto tax calculator too. Learn how to report H&R Block crypto taxes in 2024.
With more than 700,000 users in Australia using H&R Block to file their taxes, H&R Block is one of the largest tax filing services in the country. If you’ve got crypto gains or income, you’ll need to report it using H&R Block. Follow our simple guide on how to report H&R Block crypto taxes in 2024.
Does H&R Block do crypto?
Yes and no. H&R Block allows users to easily report capital gains and income from a variety of sources including crypto, but it can’t actually calculate your crypto gains, losses, income, and expenses for you. You’ll need a crypto tax calculator like Koinly to do that.
Remember, Koinly plans are fully tax deductible under the ATO rules.
Get set up on Koinly
Before you start filing on H&R Block, you need to get set up on Koinly so it can generate the tax reports you need. It’s really easy, all you need to do is:
Connect all the wallets, exchanges, and blockchains you use via API or by uploading CSV files
Let Koinly crunch the numbers
Review your tax summary page to make sure you’re happy with it
To download a report, upgrade to a paid plan from $59
Download the Complete Tax Report from Koinly. You’ll need this report to file with H&R Block.
How to report crypto in H&R Block
1. Log in to H&R Block.
2. In the left hand select prepare, then select income.
3. Check capital gains and then save and continue. If you have income from crypto (for example, staking rewards), you’ll also need to check other income.
4. Select add record.
5. Under description, enter a relevant description, for example, crypto sales.
6. Under asset category, select cryptocurrency from the drop-down menu.
7. Now head over to your Koinly Complete Tax Report and go to the Capital Gains Summary section. Copy the figure next to short term under profits, before losses. Paste this in the box next to short term capital gains in H&R Block.
8. Head back to your Complete Tax Report. Copy the figure next to long term under profits, before losses. Paste this in the box next to long term capital gains in H&R Block.
9. Back in your Complete Tax Report, copy the figure next to losses in the Capital Gains Summary section. Paste this into the box next to total capital losses in H&R Block.
10. If you have applicable and allowable expenses, you’ll find these in the expenses section of your Koinly Complete Tax Report and can copy and paste these into H&R Block. Please note, some of these expenses like transfer fees, are grey areas for the ATO, so it’s advisable to speak to an accountant about which are allowable.
11. Select save and continue when you’re done.
12. If you have any applicable capital losses you’re carrying forward, enter these on the following page. If you’ve used H&R Block to file in previous years, this figure may be automatically included.
13. Select save and continue. You’re done reporting your capital gains from crypto. If you have income from crypto, continue following the steps below.
14. On the other income summary page, select add record.
15. Under description, select other non-provisional income.
16. Enter the total figure from the Income Summary section of your Koinly Complete Tax Report.
17. Select save & continue. You’re done reporting your crypto income!
18. Include all the other information you need in your H&R Block tax return and you’re done filing your lodgement for 2023-2024!
FAQs
Where do I enter crypto in H&R Block?
It depends on your transactions, but you’ll report capital gains and losses from disposals of crypto in the capital gains section of H&R Block, and any crypto income like staking rewards or (most) airdrops, in the other income summary page of H&R Block.
How can I deduct costs related to crypto in H&R Block?
When you’re reporting your capital gains and losses from crypto in H&R Block, there’s an expenses section on the same page. It’s important to note the ATO doesn’t have precise guidance on which crypto expenses are allowable, creating grey areas for tax filers. You should speak to an accountant for specific guidance on which crypto expenses the ATO would allow. Remember, your tax prep software fees in Australia are deductible, including the cost of your Koinly plan!
What’s the best crypto tax software for H&R Block?
Koinly is the leading crypto tax calculator in Australia (and globally). We pride ourselves on making it easy for Australian crypto investors to get all the information they need to file, whether they’re using H&R Block, eTax, myTax, or an accountant.
