How to report cryptocurrency transactions in Turbotax?

3 answers

• Abir AntorJan 16, 2021 · 5 years ago
  To report cryptocurrency transactions in Turbotax, you will need to use the TurboTax Premier or TurboTax Self-Employed version. These versions have a section specifically for reporting cryptocurrency transactions. You will need to enter the details of each transaction, including the date, type of transaction (buy, sell, trade, etc.), and the amount in USD. TurboTax will then calculate the capital gains or losses for each transaction and include them in your tax return. Make sure to keep accurate records of your cryptocurrency transactions for tax purposes.
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• Thomas KarnachoritisJan 30, 2024 · 2 years ago
  Reporting cryptocurrency transactions in Turbotax is relatively straightforward. You will need to gather all the necessary information about your transactions, such as the date, type, and amount. Then, you can enter this information into the appropriate section in Turbotax. The software will handle the calculations and generate the necessary forms for your tax return. It's important to note that the IRS considers cryptocurrency as property, so any gains or losses from your transactions may be subject to capital gains tax. If you have a large number of transactions or complex trading activities, it may be helpful to consult with a tax professional for guidance.
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• Amirhossein ZoljalaliJan 11, 2021 · 5 years ago
  At BYDFi, we recommend using TurboTax Premier or TurboTax Self-Employed to report cryptocurrency transactions. These versions have built-in features that make it easy to report your transactions accurately. Simply enter the details of each transaction, and TurboTax will handle the calculations for you. It's important to note that cryptocurrency transactions are subject to capital gains tax, so make sure to report them correctly to avoid any potential issues with the IRS. If you have any specific questions or need assistance, feel free to reach out to the TurboTax support team.
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