How can I file my cryptocurrency gains and losses with TurboTax?

3 answers

• Dec 17, 2021 · 3 years ago
  Filing your cryptocurrency gains and losses with TurboTax is relatively straightforward. TurboTax offers a specific section for reporting cryptocurrency transactions. When you start your tax return, you'll be prompted to enter your income sources. Look for the section that asks about cryptocurrency or virtual currency. Enter the necessary information, such as the type of cryptocurrency, the date of acquisition, the date of sale, and the proceeds. TurboTax will automatically calculate your gains or losses based on the information you provide.
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• Dec 17, 2021 · 3 years ago
  To file your cryptocurrency gains and losses with TurboTax, you'll need to gather all the relevant information about your transactions. This includes details such as the date of acquisition, the date of sale, the cost basis, and the proceeds. TurboTax will guide you through the process of entering this information and calculating your gains or losses. It's important to keep accurate records of your cryptocurrency transactions throughout the year to make the filing process easier.
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• Dec 17, 2021 · 3 years ago
  You can use TurboTax to file your cryptocurrency gains and losses, but it's important to note that TurboTax may not support all types of cryptocurrency transactions. If you have complex transactions or use multiple exchanges, you may need to consult a tax professional or use specialized tax software. BYDFi, a popular cryptocurrency exchange, offers tax reporting tools that integrate with TurboTax and can help you accurately report your gains and losses. Make sure to review your transactions carefully and consult with a tax professional if you have any doubts.
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