What are the steps to file taxes on cryptocurrency using TurboTax Deluxe forms?

3 answers

• Nov 25, 2021 · 3 years ago
  Sure! Here's a step-by-step guide on how to file taxes on cryptocurrency using TurboTax Deluxe forms: 1. Gather your cryptocurrency transaction records: Collect all the records of your cryptocurrency transactions, including purchases, sales, trades, and mining rewards. 2. Determine your cost basis: Calculate the cost basis for each transaction. This includes the amount you paid for the cryptocurrency, any fees or commissions, and any other expenses related to the transaction. 3. Report your cryptocurrency income: Enter your cryptocurrency income on your tax return. This includes any income from mining, staking, or receiving cryptocurrency as payment for goods or services. 4. Report your cryptocurrency sales and trades: Enter the details of your cryptocurrency sales and trades on Schedule D of your tax return. Include the date of each transaction, the cost basis, the proceeds, and any gain or loss. 5. File Form 8949: Use Form 8949 to report your cryptocurrency sales and trades. Enter the details of each transaction, including the date, the cost basis, the proceeds, and any gain or loss. 6. File your tax return: Include all the necessary forms and schedules, including Schedule D and Form 8949, when filing your tax return. 7. Keep records: Keep a copy of your tax return and all supporting documents, including your cryptocurrency transaction records, for at least three years. Remember, it's always a good idea to consult with a tax professional or use tax software like TurboTax Deluxe to ensure accuracy and compliance with tax laws.
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• Nov 25, 2021 · 3 years ago
  Filing taxes on cryptocurrency can be a bit complex, but TurboTax Deluxe forms make it easier. Here are the steps: 1. Gather your cryptocurrency transaction records: Collect all the information about your cryptocurrency transactions, including dates, amounts, and any fees or commissions. 2. Calculate your gains and losses: Determine the cost basis and fair market value of your cryptocurrency at the time of each transaction to calculate your gains or losses. 3. Report your income: Include any income you received from cryptocurrency mining, staking, or other activities on your tax return. 4. Report your sales and trades: Enter the details of your cryptocurrency sales and trades on Schedule D of your tax return. 5. File Form 8949: Use Form 8949 to report your cryptocurrency transactions in detail. 6. File your tax return: Include all the necessary forms and schedules when filing your tax return. 7. Keep records: Keep copies of your tax return and all supporting documents for future reference. Remember, it's important to consult with a tax professional or use tax software to ensure accuracy.
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• Nov 25, 2021 · 3 years ago
  As an expert at BYDFi, I can provide you with the steps to file taxes on cryptocurrency using TurboTax Deluxe forms: 1. Gather your cryptocurrency transaction records: Collect all the necessary information about your cryptocurrency transactions, including dates, amounts, and any fees or commissions. 2. Calculate your gains and losses: Determine the cost basis and fair market value of your cryptocurrency at the time of each transaction to calculate your gains or losses. 3. Report your income: Include any income you received from cryptocurrency mining, staking, or other activities on your tax return. 4. Report your sales and trades: Enter the details of your cryptocurrency sales and trades on Schedule D of your tax return. 5. File Form 8949: Use Form 8949 to report your cryptocurrency transactions in detail. 6. File your tax return: Include all the necessary forms and schedules when filing your tax return. 7. Keep records: Keep copies of your tax return and all supporting documents for future reference. Remember, it's always a good idea to consult with a tax professional or use tax software like TurboTax Deluxe to ensure accuracy and compliance with tax laws.
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