How to do taxes on turbotax using cryptocurrency?

3 answers

• Mamoor-ickOct 24, 2020 · 5 years ago
  Filing taxes on turbotax using cryptocurrency can be a bit tricky, but it's important to ensure you're compliant with tax regulations. Here are the steps you can follow: 1. Gather all your cryptocurrency transaction records: Collect all the records of your cryptocurrency trades, including buy/sell orders, transfers, and any other transactions. 2. Determine your gains and losses: Calculate the gains and losses for each transaction. You can use a cryptocurrency tax software or consult a tax professional to help you with this. 3. Report your earnings: Enter your earnings from cryptocurrency trading as capital gains on your tax return. Depending on your country's tax laws, you may need to report it as short-term or long-term capital gains. 4. Deduct your losses: If you have any losses from cryptocurrency trading, you may be able to deduct them from your overall income. Again, consult a tax professional to understand the specific rules and regulations. 5. File your tax return: Finally, use turbotax or any other tax software to file your tax return, ensuring that you accurately report your cryptocurrency earnings and losses. Remember, it's always a good idea to consult a tax professional or use a cryptocurrency tax software to ensure you're following the correct procedures and reporting your taxes accurately.
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• SumanaDec 08, 2021 · 4 years ago
  Doing taxes on turbotax using cryptocurrency can seem overwhelming, but it doesn't have to be. Here's a simplified step-by-step guide: 1. Gather your transaction history: Collect all the records of your cryptocurrency transactions, including trades, transfers, and any other activities. 2. Calculate your gains and losses: Determine the gains and losses for each transaction. You can use a cryptocurrency tax software or consult a tax professional for assistance. 3. Report your earnings: Enter your earnings from cryptocurrency trading as capital gains on your tax return. Make sure to follow the instructions provided by turbotax or any other tax software you're using. 4. Deduct your losses: If you have any losses from cryptocurrency trading, you may be able to deduct them from your overall income. Check the tax laws in your country for specific rules. 5. File your tax return: Use turbotax or any other tax software to file your tax return, ensuring that you accurately report your cryptocurrency earnings and losses. Remember, it's always a good idea to consult a tax professional if you have any doubts or need personalized advice.
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• Church IveyOct 05, 2023 · 2 years ago
  Filing taxes on turbotax using cryptocurrency is becoming increasingly common. Here's a step-by-step guide: 1. Gather your transaction history: Collect all the records of your cryptocurrency transactions, including trades, transfers, and any other activities. 2. Calculate your gains and losses: Determine the gains and losses for each transaction. You can use a cryptocurrency tax software or consult a tax professional for assistance. 3. Report your earnings: Enter your earnings from cryptocurrency trading as capital gains on your tax return. Make sure to follow the instructions provided by turbotax or any other tax software you're using. 4. Deduct your losses: If you have any losses from cryptocurrency trading, you may be able to deduct them from your overall income. Check the tax laws in your country for specific rules. 5. File your tax return: Use turbotax or any other tax software to file your tax return, ensuring that you accurately report your cryptocurrency earnings and losses. Remember, it's important to stay updated with the latest tax regulations and consult a tax professional if you have any specific questions or concerns.
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