Are there any specific account settings in TurboTax that I should adjust for my cryptocurrency investments?

3 answers

• Garett ConradDec 19, 2020 · 5 years ago
  Yes, when using TurboTax to report your cryptocurrency investments, there are a few specific account settings you should adjust. First, make sure to select the appropriate section for reporting investments or capital gains. Then, you may need to manually enter the details of your cryptocurrency transactions, including the purchase price, sale price, and dates. TurboTax should provide guidance on how to accurately report these transactions. It's important to keep track of your cryptocurrency investments throughout the year to ensure accurate reporting on your tax return.
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• JameApr 08, 2024 · 2 years ago
  Absolutely! TurboTax has specific account settings for reporting cryptocurrency investments. You should navigate to the investment section and select the option for reporting cryptocurrency gains or losses. TurboTax will guide you through the process of entering the necessary information, such as the type of cryptocurrency, purchase price, sale price, and dates. Make sure to have all the relevant transaction details handy to ensure accurate reporting.
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• advisorMar 22, 2024 · 2 years ago
  Yes, TurboTax does have specific account settings for reporting cryptocurrency investments. When you start the tax filing process, you'll be prompted to enter your investment information. Look for the section related to investments or capital gains, and select the option for reporting cryptocurrency transactions. TurboTax will provide step-by-step instructions on how to enter the necessary details, such as the type of cryptocurrency, purchase price, sale price, and dates. It's important to accurately report your cryptocurrency investments to comply with tax regulations.
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