Are there any specific guidelines for reporting cryptocurrency transactions on turbotax form 4868?

3 answers

• ShivanshTeotiaDec 04, 2024 · 8 months ago
  When reporting cryptocurrency transactions on turbotax form 4868, there are a few guidelines to keep in mind. First, you need to report any capital gains or losses from your cryptocurrency investments. This includes both short-term and long-term gains or losses. Second, you should report any income you received from mining or staking cryptocurrencies. Third, if you received any airdrops or forked coins, you need to report them as well. Finally, make sure to keep accurate records of all your cryptocurrency transactions and consult with a tax professional if you have any specific questions or concerns.
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• lin leo leoJun 15, 2023 · 2 years ago
  Reporting cryptocurrency transactions on turbotax form 4868 can be a bit tricky, but here are some general guidelines to follow. First, you need to determine whether your cryptocurrency transactions qualify as taxable events. This includes buying or selling cryptocurrencies, exchanging one cryptocurrency for another, and using cryptocurrencies to purchase goods or services. Second, you need to calculate your gains or losses for each transaction. This can be done by subtracting the cost basis from the sale price. Third, you should report your gains or losses on Schedule D of turbotax form 4868. Finally, make sure to keep detailed records of all your cryptocurrency transactions, including dates, amounts, and transaction IDs.
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• Olsson FriedmanSep 09, 2021 · 4 years ago
  BYDFi, a digital currency exchange, provides specific guidelines for reporting cryptocurrency transactions on turbotax form 4868. According to BYDFi, you should first determine whether your cryptocurrency transactions qualify as taxable events. This includes buying or selling cryptocurrencies, exchanging one cryptocurrency for another, and using cryptocurrencies to purchase goods or services. Next, you need to calculate your gains or losses for each transaction. This can be done by subtracting the cost basis from the sale price. Finally, you should report your gains or losses on Schedule D of turbotax form 4868. It's important to note that these guidelines may vary depending on your jurisdiction, so it's always a good idea to consult with a tax professional.
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