Frequently asked questions about bitcoin in QuickBooks Online

Find out how to trade bitcoin.

Why don’t I see the option to buy bitcoin in QuickBooks?

The bitcoin buy and sell features for QuickBooks Online are being discontinued. August 14, 2023 will be the last day to buy bitcoin. October 30, 2023 will be the last day to sell bitcoin.

What is bitcoin?

Bitcoin is a decentralized digital currency. It uses blockchain technology to record transactions in a public ledger.

When you trade bitcoin, you may see it as BTC.

Will the price of bitcoin change?

Yes. Bitcoin's price can change often.

Do I have to pay taxes on bitcoin transactions?

The IRS treats bitcoin as property. Bitcoin transactions are taxable, similar to other property. For more info on the tax treatment of bitcoin, look up Notice 2014-21 or ask your tax advisor.

What are the tax implications of buying and selling bitcoin?

The IRS treats bitcoin as property. This means the general tax principals for property will apply to bitcoin. For more info, look up Publication 544 and Notice 2014-21. You can also ask your tax advisor.

How will I get my 1099 tax forms?

We’ll send an email once your 1099-B tax form for 2023 is ready. You can download your tax forms from the Crypto page in QuickBooks until October 30, 2024.

Who is NYDIG?

NYDIG is a provider of technology, custody and execution solutions for bitcoin and other digital assets. Intuit has partnered with NYDIG to offer QuickBooks Checking customers the opportunity to buy, sell, and hold bitcoin. NYDIG Execution LLC holds bitcoin purchased and held by QuickBooks Checking customers in an account called NYDIG Account or bitcoin account within NYDIG's custodial system. QuickBooks Checking customers can view their bitcoin holdings in their QuickBooks dashboard.

How do I sell bitcoin?

Learn how to sell bitcoin with your QuickBooks Checking account. You can track your holdings where you manage your cash flow.

How will bitcoin transactions show up in my QuickBooks Checking account?

Bitcoin transactions will show on your QuickBooks Checking page like any other transaction. Bitcoin you buy is labeled "Cryptocurrency Partner Transfer Out". Bitcoin you sell is labeled "Cryptocurrency Partner Transfer In".

How much bitcoin can I sell?

You have until October 30, 2023 to sell all of your bitcoin. At 4 PM London time on 10/31/2023 NYDIG will sell any remaining bitcoin for you at the CME CF Bitcoin Reference Rate.

Are there any fees to buy or sell bitcoin in QuickBooks?

There's a 1.75% trading fee to buy and sell bitcoin until August 14, 2023. After this date, fees will be waived for sales.

Can I pay for things with my bitcoin in QuickBooks?

You can't pay for things with bitcoin in QuickBooks.

Can I transfer bitcoin from my QuickBooks Checking account to an external wallet or exchange?

No. You can't move bitcoin from your NYDIG account to another wallet or exchange.

Can I add payments in bitcoin?

You can only sell or hold bitcoin with your QuickBooks Checking account. You can't add payments in bitcoin.

Who do I contact if I have an issue with my bitcoin account in QuickBooks?

If you're having trouble with your bitcoin account, sign in to QuickBooks Online and select the Help to chat or have someone contact you.

Where does the bitcoin market price in QuickBooks come from?

It comes from the CME CF Bitcoin Real Time Index (BRTI). BRTI is a real-time index of the U.S. dollar price of one bitcoin, published every second, 24/7, 365 days a year. The BRTI provides real-time bitcoin pricing info in U.S. dollars.

The price shown is for information only and might not be the same as the price you pay for bitcoin transactions.

How often do the price quotes in QuickBooks update?

The bitcoin price quotes in Quickbooks update every second. If you sell bitcoin through your QuickBooks Checking account, the price quote will hold for 20 seconds after you start the transaction.

Why is there a time limit on quotes when I want to sell in QuickBooks?

You have 20 seconds to review the sale screens and complete your transaction. If you don't finish in 20 seconds, the price refreshes and you have to restart the sell transaction.

My bitcoin account is closed. How can I reopen it?

If your bitcoin account is closed, you can't reopen it.

Who can trade bitcoin in my QuickBooks Checking account?

Trading bitcoin is limited to the primary principal on file for your QuickBooks Checking account. Account admins can view bitcoin trading history by going to Cash Flow and then selecting Crypto.

How do I close my bitcoin account?

To close your bitcoin account, go to Crypto and then select Close my account. Follow the instructions. Your bitcoin account must be empty.

What happens to my bitcoin account if my QuickBooks Checking account is suspended or closed?

If your QuickBooks Checking account is suspended or closed, you might be able to sell bitcoin.

If your QuickBooks Checking account is closed or suspended for more than 60 days, your bitcoin account may be too, pursuant to the NYDIG Terms and Conditions. If you have issues with your bitcoin account, sign in to your QuickBooks Online account for help. Select Help to chat or have a specialist contact you.

Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”).  Your Bitcoin Buy/Sell/Hold Account and services are provided by NYDIG, not Green Dot Bank or Intuit. NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity.  To receive bitcoin services you must open an account with NYDIG in which your bitcoin will be held (the “NYDIG Account”).  Please refer to NYDIG’s Terms and Conditions for more information, including applicable eligibility criteria.  Bitcoin balances in your NYDIG Account are not bank guaranteed or insured by the Federal Deposit Insurance Corporation (FDIC), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer.  NYDIG and Intuit do not make any recommendations regarding buying or selling bitcoin.  The price and liquidity of bitcoin has been subject to large fluctuations in the past and may be subject to large fluctuations in the future.  The risk of loss in trading bitcoin may be substantial and losses may occur over a short period of time.  You should consult your financial advisor, legal, and/or tax professional regarding your specific situation and financial condition and carefully consider whether trading or holding bitcoin is suitable for you.  See terms.

For additional details:

• QuickBooks Terms of Service
• NYDIG Terms and Conditions
• QuickBooks Checking Deposit Account Agreement