Is there a specific tax rate for reporting cryptocurrency earnings with TurboTax?

1 answers

• Janaki ChennaMay 15, 2024 · a year ago
  As a representative of BYDFi, I can confirm that TurboTax does provide support for reporting cryptocurrency earnings. The tax rate you need to consider will depend on the duration of time you held the cryptocurrency. If you held the cryptocurrency for less than a year, you'll be subject to short-term capital gains tax rates, which are typically higher. If you held the cryptocurrency for more than a year, you'll be subject to long-term capital gains tax rates, which are usually lower. TurboTax's cryptocurrency tax reporting feature can help you accurately calculate and report your earnings. However, it's always a good idea to consult with a tax professional for personalized advice based on your specific circumstances.
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