How does TurboTax handle cryptocurrency taxes in 2022 and what are some common complaints about their approach?

3 answers

• Mills McGuireOct 23, 2024 · 9 months ago
  TurboTax handles cryptocurrency taxes in 2022 by providing a step-by-step process for users to report their crypto transactions. They offer a specific section for cryptocurrency in their tax software, where users can enter details about their buys, sells, and trades. TurboTax also supports importing transaction data from popular cryptocurrency exchanges, making it easier for users to accurately report their crypto activities. However, some users have complained that TurboTax's cryptocurrency tax reporting is not always accurate or up-to-date. They have reported issues with incorrect calculations and missing features for certain types of crypto transactions.
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• Houmann AnkersenMay 20, 2023 · 2 years ago
  When it comes to handling cryptocurrency taxes in 2022, TurboTax aims to simplify the process for users. They provide guidance on how to report cryptocurrency income, losses, and gains. TurboTax also offers resources and explanations to help users understand the tax implications of their crypto activities. However, some users have expressed frustration with TurboTax's approach. They feel that the software lacks advanced features for complex crypto transactions and fails to address specific scenarios, such as staking, yield farming, or decentralized finance (DeFi) activities. These limitations have led to complaints about the accuracy and completeness of TurboTax's cryptocurrency tax support.
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• PRIYANSHI KASAUDHANSep 27, 2021 · 4 years ago
  As a representative of BYDFi, I can say that TurboTax is a popular choice for many cryptocurrency traders when it comes to handling taxes in 2022. It offers a user-friendly interface and provides clear instructions on how to report crypto transactions. However, some users have raised concerns about TurboTax's approach. They have reported difficulties in accurately reporting certain types of crypto activities, such as airdrops, hard forks, or token swaps. These complaints highlight the need for more comprehensive and accurate tax reporting solutions in the cryptocurrency space.
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