How does TurboTax calculate the cost of reporting cryptocurrency gains?

3 answers

• NippunJun 22, 2023 · 2 years ago
  TurboTax calculates the cost of reporting cryptocurrency gains by taking into account various factors such as the purchase price of the cryptocurrency, any fees associated with the purchase or sale, and the holding period. It also considers any losses that may offset the gains. TurboTax uses these factors to accurately calculate the cost basis and determine the taxable amount of the gains.
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• Chris TaylorFeb 16, 2021 · 4 years ago
  When it comes to reporting cryptocurrency gains, TurboTax uses a sophisticated algorithm to calculate the cost basis. This algorithm takes into account the specific details of each transaction, including the date of purchase, the purchase price, and any associated fees. By accurately calculating the cost basis, TurboTax ensures that you report your gains correctly and minimize your tax liability.
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• Leyla YilmazJun 20, 2021 · 4 years ago
  As an expert in the field, I can tell you that TurboTax is one of the most reliable tools for reporting cryptocurrency gains. It takes into account all the necessary factors, such as the purchase price, fees, and holding period, to accurately calculate the cost basis. TurboTax's algorithm is designed to handle the complexities of cryptocurrency transactions and ensure that you report your gains correctly. So, you can trust TurboTax to calculate the cost of reporting your cryptocurrency gains accurately.
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