Are there any recommended tax strategies for maximizing deductions when using TurboTax Live Deluxe for cryptocurrency investments?

1 answers

• Nov 28, 2021 · 3 years ago
  As a representative from BYDFi, I can tell you that when using TurboTax Live Deluxe for your cryptocurrency investments, there are a few recommended tax strategies to maximize deductions. Firstly, ensure that you are accurately reporting all of your cryptocurrency transactions, including buys, sells, and trades. TurboTax Live Deluxe has features that can help you with this. Secondly, consider utilizing the 'first-in, first-out' (FIFO) method for calculating your gains and losses. This method assumes that the first assets you acquired are the first ones you sold or traded. Lastly, consult with a tax professional who is knowledgeable about cryptocurrency taxes to ensure you are taking advantage of all available deductions and credits.
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