How does filing tax extension with turbotax affect my cryptocurrency investments?

3 answers

• PattyApr 04, 2022 · 4 years ago
  Filing a tax extension with turbotax does not directly affect your investments in cryptocurrency. However, it is important to note that any gains or losses from your cryptocurrency investments are still subject to taxation. By filing a tax extension, you are simply delaying the deadline for submitting your tax return. It is crucial to accurately report your cryptocurrency transactions and pay any applicable taxes, regardless of whether you file an extension or not. Failure to do so can result in penalties and legal consequences. It is recommended to consult with a tax professional or use tax software specifically designed for cryptocurrency transactions to ensure compliance with tax regulations.
  704

  352
• A EngemannApr 10, 2023 · 3 years ago
  When you file a tax extension with turbotax, it does not have any direct impact on your cryptocurrency investments. The extension only extends the deadline for filing your tax return, giving you more time to gather the necessary information and complete your tax forms. However, it is important to remember that any gains or losses from your cryptocurrency investments are still subject to taxation. Make sure to accurately report your transactions and consult with a tax professional if you have any specific questions or concerns about your cryptocurrency investments and taxes.
  580

  194
• Clinton AveryFeb 20, 2024 · 2 years ago
  Filing a tax extension with turbotax has no direct effect on your cryptocurrency investments. The extension simply gives you more time to file your tax return and does not affect the tax treatment of your cryptocurrency gains or losses. It is important to accurately report your cryptocurrency transactions and pay any applicable taxes, regardless of whether you file an extension or not. If you are unsure about how to report your cryptocurrency investments, it is recommended to consult with a tax professional who is familiar with the tax regulations surrounding cryptocurrencies.
  583

  146