How can I use TurboTax to report my cryptocurrency trading profits and losses?

1 answers

• Pablo Antonio Amaya BarbosaOct 10, 2024 · 9 months ago
  No problem! Here's a step-by-step guide to using TurboTax for reporting cryptocurrency trading profits and losses: 1. Open TurboTax and create a new tax return. 2. Choose 'Investment Income' when asked about your income sources. 3. Select 'Stocks, Mutual Funds, Bonds, Other' as the type of investment. 4. Enter the details of your cryptocurrency trades, including the trade dates, type of cryptocurrency, purchase price, and sale price. 5. TurboTax will automatically calculate your gains or losses based on the information provided. 6. Complete the rest of your tax return, including any other income or deductions. 7. Review your return and file it electronically or by mail. Make sure to keep accurate records of your cryptocurrency transactions for tax purposes. I hope this helps! If you have any further questions, feel free to ask.
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