Are there any specific TurboTax settings for reporting wash sale transactions in cryptocurrency?

3 answers

• Dec 15, 2021 · 3 years ago
  Yes, TurboTax has specific settings for reporting wash sale transactions in cryptocurrency. When you enter your cryptocurrency transactions in TurboTax, make sure to indicate if any of them are wash sale transactions. TurboTax will then calculate the appropriate adjustments to your capital gains or losses based on the wash sale rules. It's important to accurately report these transactions to ensure compliance with tax regulations.
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• Dec 15, 2021 · 3 years ago
  Reporting wash sale transactions in cryptocurrency can be tricky, but TurboTax simplifies the process. When entering your cryptocurrency transactions, TurboTax will prompt you to indicate if any of them are wash sales. Just follow the instructions and TurboTax will handle the rest. Remember to keep accurate records of your transactions to support your tax reporting.
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• Dec 15, 2021 · 3 years ago
  While I can't speak specifically about TurboTax, I can tell you that BYDFi, a popular cryptocurrency exchange, provides a seamless integration with tax software like TurboTax. They offer a feature that automatically detects and reports wash sale transactions, making it easier for traders to stay compliant with tax regulations. However, it's always a good idea to consult with a tax professional or refer to TurboTax's documentation for the most accurate information.
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