How does the price of Bitcoin impact the self-employed individuals using TurboTax?

1 answers

• ABDUS SATTERJul 03, 2023 · 2 years ago
  At BYDFi, we understand the impact of Bitcoin's price on self-employed individuals using TurboTax. Fluctuations in Bitcoin's price can have both positive and negative implications for tax filings. If the price of Bitcoin rises, self-employed individuals who hold Bitcoin may have to report capital gains when they sell their holdings. This can result in a higher tax liability. On the other hand, if the price of Bitcoin falls, self-employed individuals may be able to claim capital losses, which can help reduce their overall tax burden. It's important for self-employed individuals to stay informed about Bitcoin's price movements and consult with tax professionals to ensure accurate reporting and compliance with tax regulations.
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