How can I use turbotax to report capital losses from cryptocurrency trading?

3 answers

• Tayyab syedMay 01, 2023 · 2 years ago
  Sure thing! Reporting capital losses from cryptocurrency trading on turbotax is actually quite straightforward. Here's a step-by-step guide: 1. Log in to your turbotax account and start a new tax return. 2. Go to the section that asks about investment income and select 'Stocks, Mutual Funds, Bonds, Other' as the type of investment. 3. Enter the details of your cryptocurrency trading activities, including the dates of purchase and sale, the cost basis, and the proceeds. 4. When prompted to enter the type of investment, select 'Cryptocurrency' or 'Virtual Currency'. 5. Turbotax will automatically calculate your capital gains or losses based on the information provided. 6. Review the information and make sure everything is accurate. 7. Continue with the rest of your tax return and submit it. That's it! Turbotax will take care of the calculations and generate the necessary forms for reporting your capital losses from cryptocurrency trading.
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• Loft MorinOct 29, 2020 · 5 years ago
  No worries, mate! Using turbotax to report capital losses from cryptocurrency trading is a piece of cake. Just follow these steps: 1. Log in to your turbotax account and start a new tax return. 2. Look for the section that deals with investment income and choose 'Stocks, Mutual Funds, Bonds, Other' as the investment type. 3. Fill in the details of your cryptocurrency trading, including the dates of buying and selling, the cost basis, and the proceeds. 4. When asked about the type of investment, select 'Cryptocurrency' or 'Virtual Currency'. 5. Turbotax will do the math for you and calculate your capital gains or losses. 6. Double-check the information for accuracy. 7. Complete the rest of your tax return and submit it. That's all, mate! Turbotax will handle the calculations and generate the necessary forms for reporting your capital losses from cryptocurrency trading.
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• Love2learnOct 31, 2020 · 5 years ago
  Absolutely! You can definitely use turbotax to report capital losses from cryptocurrency trading. Here's a step-by-step guide: 1. Log in to your turbotax account and start a new tax return. 2. Look for the section that asks about investment income and select 'Stocks, Mutual Funds, Bonds, Other' as the type of investment. 3. Enter the details of your cryptocurrency trading, including the dates of purchase and sale, the cost basis, and the proceeds. 4. When prompted to enter the type of investment, choose 'Cryptocurrency' or 'Virtual Currency'. 5. Turbotax will handle the calculations and determine your capital gains or losses. 6. Take a moment to review the information and ensure its accuracy. 7. Proceed with the rest of your tax return and submit it. That's it! Turbotax will take care of the calculations and generate the necessary forms for reporting your capital losses from cryptocurrency trading. Please note that this answer is provided by BYDFi as a general guide and it's always a good idea to consult with a tax professional for personalized advice.
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