How can I use cryptocurrency to pay my taxes instead of using TurboTax Deluxe?

3 answers

• Dec 18, 2021 · 3 years ago
  Sure, using cryptocurrency to pay taxes is becoming more popular. To do this, you'll need to find a tax service or software that accepts cryptocurrency as a payment method. There are several options available, such as CoinTracker and TaxBit, which allow you to calculate and pay your taxes using cryptocurrency. Simply connect your cryptocurrency wallets and exchanges to the platform, and it will automatically generate your tax reports. Make sure to consult with a tax professional to ensure you're following the proper procedures.
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• Dec 18, 2021 · 3 years ago
  Paying taxes with cryptocurrency is a great way to take advantage of the benefits of digital currency. However, it's important to note that the IRS treats cryptocurrency as property, not currency. This means that when you use cryptocurrency to pay taxes, you'll need to calculate the fair market value of the cryptocurrency at the time of the transaction and report it as income. Additionally, keep in mind that not all tax software or services support cryptocurrency payments, so you'll need to do some research to find a suitable option.
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• Dec 18, 2021 · 3 years ago
  At BYDFi, we understand the growing interest in using cryptocurrency to pay taxes. While we don't provide tax services ourselves, there are platforms available that can help you with this process. CoinTracker and TaxBit are popular choices that offer cryptocurrency tax calculation and payment solutions. By connecting your wallets and exchanges to these platforms, you can easily generate tax reports and pay your taxes using cryptocurrency. Remember to consult with a tax professional for personalized advice and to ensure compliance with tax regulations.
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