How does TurboTax handle cryptocurrency transactions in its 2021 manual update?

2 answers

• Nov 27, 2021 · 3 years ago
  TurboTax has updated its 2021 manual to include specific guidelines for reporting cryptocurrency transactions. It provides a step-by-step process for entering cryptocurrency transactions and calculates the taxable gains or losses based on the information provided. The software also supports various types of cryptocurrency transactions, including buying, selling, mining, and receiving as income. It ensures accurate reporting by considering factors like cost basis, holding period, and fair market value. TurboTax aims to simplify the tax reporting process for cryptocurrency users and ensure compliance with tax regulations.
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• Nov 27, 2021 · 3 years ago
  TurboTax's 2021 manual update includes a dedicated section for cryptocurrency transactions. It provides clear instructions on how to report various types of transactions, such as buying, selling, and exchanging cryptocurrencies. TurboTax also offers guidance on reporting income from mining and staking activities. The software takes into account factors like cost basis, fair market value, and holding period to accurately calculate the taxable gains or losses. TurboTax's goal is to simplify the tax reporting process for cryptocurrency users and ensure compliance with tax laws and regulations.
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