How To Do Your TaxSlayer Crypto Taxes in 2024

Using TaxSlayer to do your IRS tax return online, but not sure how to report crypto? Use our guide to learn how to report crypto taxes on TaxSlayer in 2024.

Does TaxSlayer support cryptocurrency?

Yes and no. TaxSlayer allows you to import crypto transactions manually and include them in your tax return. However, as TaxSlayer is not purpose-built for cryptocurrency taxes, you may need to use additional cryptocurrency tax software to help you do this.

Why can’t TaxSlayer calculate my crypto taxes?

While TaxSlayer is a popular option for a tax filing solution, it wasn’t built specifically for cryptocurrency, so importing your crypto transactions directly isn’t possible yet. 

Don’t worry though, there’s an easy solution. Use Koinly to generate a crypto tax report you can upload to TaxSlayer that includes all the information you need to file.

We’ve got lots of help content to guide you through getting set up with Koinly in our help center. For now, let’s dive into how to report your crypto taxes with TaxSlayer. You’ll need your Koinly Capital Gains Summary and your Koinly Complete Tax Report to do so - so download these first.

How to report crypto gains and losses on TaxSlayer

Once you’ve set up your TaxSlayer account with your relevant personal information and other forms of reportable income. Follow these steps to report your crypto:

1. Open your tax return by selecting Federal on the left-hand menu

2. Select income

3. Choose select my forms and continue

4. Scroll to investments (capital gains and losses reported on Schedule D) and select begin

5. On the next page, select begin next to stocks, mutual funds, cryptocurrency, collectibles, etc.

6. Choose upload CSV of sales and continue - please note this option will only appear for TaxSlayer customers with a paid plan, otherwise, you’ll have to enter each disposal of crypto manually!

7. Select download template at the bottom of the screen

8. A new window will open with an Excel document for your CSV file

9. Remove any columns you do not need (depending on how you’re filing) 

10. Open your Koinly capital gains report - you’ll need to copy and paste columns into the relevant columns in your TaxSlayer CSV template as so:

• Owner (J for joint, T for taxpayer, or S for spouse)

• Description

  • No special characters

  • Must be between 3 and 30 characters

• Date Acquired (XX/XX/XXXX)

• Date Sold (XX/XX/XXXX)

• Sales Price (No decimal points or commas)

• Cost (No decimal points or commas)

11. Save your file to your device, and upload the file to TaxSlayer. If you input these incorrectly, you’ll receive an error message. 
12. Once you’ve uploaded, select continue. You’ll then be given the option to review your figures in TaxSlayer. Once you’re happy, select continue and carry on with your tax return.

How to report crypto income on TaxSlayer

If you have income from crypto, like mining or stalking rewards, the process of reporting your crypto income is different than reporting your capital gains and losses. Follow these steps:

1. Open your tax return by selecting Federal on the left-hand menu

2. Select income

3. Select begin next to less common income

4. Select begin next to other income not reported elsewhere

5. From the drop-down menu under other income description, select other income

6. Under description of other income, enter a relevant description - for example, crypto mining rewards

7. Under amount of other income use the total figure from the Income Summary section of your Koinly Complete Tax Report

8. Select continue to confirm

You’re done!