How can I report cryptocurrency gains and losses using TurboTax Deluxe for federal and state taxes?

1 answers

• Adnan BulloJul 10, 2020 · 5 years ago
  When it comes to reporting cryptocurrency gains and losses on your taxes, TurboTax Deluxe is a great tool to use. Here's a simple guide to help you: 1. Open TurboTax Deluxe and go to the 'Federal Taxes' section. 2. Look for the 'Investment Income' category and click on it. 3. Select the 'Cryptocurrency' option and click 'Start'. 4. TurboTax will ask you a series of questions about your cryptocurrency transactions. Make sure to have your records handy. 5. Enter the details of each transaction, such as the date, type, and amount. 6. TurboTax will automatically calculate your gains or losses based on the information provided. 7. If you need to report your cryptocurrency gains and losses for state taxes, follow the same steps under the 'State Taxes' section. Remember to keep track of all your cryptocurrency transactions and consult with a tax professional if you have any specific concerns or questions.
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