Search
LearnBlogCareersHelpLog InSign Up
Menu
Getting Started
Crypto Taxes

Crypto Taxes

Will I receive tax documents for my cryptocurrency trades?

Yes, you will receive two tax documents from Robinhood Crypto, LLC for your cryptocurrency trades. You will received both a .pdf and .csv of your consolidated Form 1099.

How do I enter my crypto tax documents into TurboTax?

  1. After logging into TurboTax, navigate to the Wages & Income section.
  2. On the screen where you enter income, find the Cryptocurrency Start button in TurboTax. Cryptocurrency may be under the Investment Income subsection.
  3. Click: Start
  4. In the “Let's get your cryptocurrency info” screen, choose the icon that says Robinhood.
  5. Click: Continue
  6. Drag and drop that CSV file into the next screen (or browse your computer for it and upload it). If you received a Robinhood Crypto 1099, Robinhood also provided a CSV file with your cryptocurrency transactions.
  7. Double check that all of your transactions imported correctly, including the proceeds and cost basis.
  8. Continue through the rest of the process to finish submitting your cryptocurrency income.

You can directly import up to 250 transactions this way.

How is a hard fork reported in my Form 1099?

If you had any cryptocurrency holdings prior to and during a hard fork event that resulted in the creation of a new cryptocurrency, you may be entitled to and be credited one unit of the new cryptocurrency per unit of the cryptocurrency that was subject to the hard fork.  Any credit of the new cryptocurrency after the hard fork that you received in connection with the hard fork is not reported as a transaction in your Form 1099. However, subsequent sales of any cryptocurrency holdings credited to you as a result of a hard fork may be reported in your Form 1099.  Note that as a result of a hard fork, your cost basis for any cryptocurrency subject to the hard fork may have changed.

For example, Bitcoin Cash (“BCH”) experienced a hard fork on November 15, 2018.  If you had any BCH holdings prior to and during the BCH hard fork event, which resulted in the creation of a new cryptocurrency Bitcoin SV (“BSV”), you were entitled to a credit of one Bitcoin SV per unit of Bitcoin Cash you held.  For individuals who held BCH prior and during the hard fork, your cost basis for BCH is adjusted to reflect the creation of BSV and any BSV being credited to your account.  The combined cost basis of your BCH & BSV holdings after the hard fork will equal the cost basis of your BCH holdings before the hard fork. The cost basis of your BCH before the hard fork was allocated proportionally between your BCH and BSV holdings after the hard fork based on the ratio of the prices of BCH and BSV after the hard fork.  Here is an example to help illustrate how the BCH hard fork would affect your cost basis:

Example

Let’s say before the hard fork you were holding BCH with a cost basis of $80. Then after the hard fork, BCH had a price of $100 and BSV had a price of $25. To calculate the new cost basis of your BCH holdings, we would take the ratio of BCH’s price to BSV’s price - $100/($100 + $25) = 0.80 or 80% - and multiply that by the original cost basis of $80 to get $64 dollars. Similarly, we would calculate that the new cost basis for BSV is 20% and we multiply that by the original cost basis of $80 to get $16.  After the fork, the total cost basis across both these coins is still a total of $80.

Before the fork:
BCH cost basis: $80

After the fork:
BCH cost basis: $80 * 100/(100 + 25) = $64
BSV cost basis: $80 * 25/(100 + 25) = $16

We provide cost basis information and any applicable cost basis adjustments on your Form 1099 for information purposes and note that there is substantial uncertainty as to how the receipt of forked cryptocurrency should be treated for tax purposes. There is no assurance that the IRS will agree with this approach. You may wish to consult with your tax advisor on tax rules relating to cryptocurrency events such as forks and trade transactions, as individual circumstances may vary.

Still have questions? Contact Robinhood Support
Can't find what you're looking for?Contact Robinhood Support
Robinhood Financial LLC and Robinhood Crypto, LLC are wholly-owned subsidiaries of Robinhood Markets, Inc.
Securities trading is offered to self-directed customers by Robinhood Financial. Robinhood Financial is a member of the Financial Industry Regulatory Authority (FINRA).
Robinhood Financial LLC is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.
Cash Management is an added feature to your Robinhood Financial LLC brokerage account. The Annual Percentage Yield (APY) paid by program banks might change at any time at the program banks' discretion. Interest is earned on uninvested cash swept from the brokerage account to the program banks. Neither Robinhood Financial LLC nor any of its affiliates are banks. The debit card is issued by Sutton Bank, member FDIC, pursuant to a license from Mastercard® International Incorporated.
Cryptocurrency trading is offered through an account with Robinhood Crypto. Robinhood Crypto is not a member of FINRA or SIPC. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC.
Commission-free trading of stocks, ETFs and options refers to $0 commissions for Robinhood Financial self-directed individual cash or margin brokerage accounts that trade U.S. listed securities via mobile devices or Web. Relevant SEC & FINRA fees may apply. Please see the Fee Schedule.
Robinhood Financial is currently registered in the following jurisdictions. This is not an offer, solicitation of an offer, or advice to buy or sell securities, or open a brokerage account in any jurisdiction where Robinhood Financial is not registered. Additional information about your broker can be found by clicking here.
Margin trading involves interest charges and risks, including the potential to lose more than any amounts deposited or the need to deposit additional collateral in a falling market. Before using margin, customers must determine whether this type of trading strategy is right for them given their specific investment objectives, experience, risk tolerance, and financial situation. For more information please see Robinhood Financial’s Margin Disclosure Statement, Margin Agreement and FINRA Investor Information. These disclosures contain information on Robinhood Financial’s lending policies, interest charges, and the risks associated with margin accounts.
Investors should consider the investment objectives and unique risk profile of Exchange Traded Funds (ETFs) carefully before investing. ETFs are subject to risks similar to those of other diversified portfolios. Leveraged and Inverse ETFs may not be suitable for all investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies.
Although ETFs are designed to provide investment results that generally correspond to the performance of their respective underlying indices, they may not be able to exactly replicate the performance of the indices because of expenses and other factors. A prospectus contains this and other information about the ETF and should be read carefully before investing. Customers should obtain prospectuses from issuers and/or their third party agents who distribute and make prospectuses available for review. ETFs are required to distribute portfolio gains to shareholders at year end. These gains may be generated by portfolio rebalancing or the need to meet diversification requirements. ETF trading will also generate tax consequences. Additional regulatory guidance on Exchange Traded Products can be found by clicking here.
Options transactions may involve a high degree of risk. To learn more about the risks associated with options trading, please review the options disclosure document entitled Characteristics and Risks of Standardized Options, available here or through https://www.theocc.com/about/publications/character-risks.jsp.
Third party information provided for product features, communications, and communications emanating from social media communities, market prices, data and other information available through Robinhood Markets, Inc. or any of its subsidiaries or affiliates are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any financial instrument or cryptocurrency or as an official confirmation of any transaction. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. Any information about Robinhood Crypto on any Robinhood website (including www.robinhood.com and blog.robinhood.com), the Robinhood platform, e-mails, or any other communications, are meant for informational purposes only and are not intended as an offer, solicitation, or advertisement for Robinhood Crypto or any goods or services offered by Robinhood Crypto. The Robinhood website provides its users links to social media sites and email. The linked social media and email messages are pre-populated. However, these messages can be deleted or edited by users, who are under no obligation to send any pre-populated messages. Any comments or statements made herein do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates.
Investors should be aware that system response, execution price, speed, liquidity, market data, and account access times are affected by many factors, including market volatility, size and type of order, market conditions, system performance, and other factors.
All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.
Trading in cryptocurrencies comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks. In addition, cryptocurrency markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing. Several federal agencies have also published advisory documents surrounding the risks of virtual currency. For more information see the Robinhood Crypto Risk Disclosure, the CFPB's Consumer Advisory, the CFTC’s Customer Advisory, the SEC’s Investor Alert, and FINRA’s Investor Alert.
Check the background of Robinhood Financial LLC and Robinhood Securities, LLC on FINRA’s BrokerCheck.
Robinhood Terms & ConditionsDisclosure LibraryContact UsFAQ
© 2019 Robinhood. All rights reserved.
20191014-981843-2955118