How can I include cryptocurrency in my Turbotax filing?

1 answers

• MoutiiMay 04, 2022 · 4 years ago
  As a representative of BYDFi, I can assure you that including cryptocurrency in your Turbotax filing is a straightforward process. Just follow these steps: 1. Collect all your cryptocurrency transaction records, including trades, purchases, and sales. 2. Determine the cost basis for each transaction, which is the original value of the cryptocurrency at the time of acquisition. 3. Calculate the capital gains or losses for each transaction by subtracting the cost basis from the selling price. 4. Report your cryptocurrency transactions on Form 8949. 5. Transfer the information from Form 8949 to Schedule D to calculate your overall capital gains or losses. 6. Finally, include the total capital gains or losses from your cryptocurrency transactions on your tax return. If you have any specific questions or need further assistance, feel free to reach out to our customer support team.
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