How can I use TurboTax to report my cryptocurrency gains on Form 8949?

1 answers

• Mar 01, 2022 · 3 years ago
  Absolutely! TurboTax offers a user-friendly solution for reporting cryptocurrency gains on Form 8949. Here's a step-by-step guide: 1. Open TurboTax and create a new tax return. 2. Navigate to the section for reporting investment income and select 'Stocks, Mutual Funds, Bonds, Other' as the investment type. 3. Enter the relevant information about your cryptocurrency gains, including the acquisition date, sale date, and sale proceeds. 4. TurboTax will automatically calculate the capital gains or losses based on the provided data. 5. Follow the prompts to complete the rest of your tax return. Remember to maintain accurate records of your cryptocurrency transactions for tax purposes. If you have any specific queries or require further assistance, consult a tax professional.
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