How does TurboTax handle cryptocurrency transactions for self-employed individuals?

1 answers

• Pedersen HewittOct 27, 2022 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi does not have direct integration with TurboTax. However, you can still use TurboTax to handle your cryptocurrency transactions as a self-employed individual. TurboTax supports various types of cryptocurrencies and wallets, allowing you to accurately calculate your tax liabilities and deductions. When reporting cryptocurrency transactions on Schedule C, you'll need to manually enter the necessary information, such as the date of acquisition, cost basis, and fair market value. TurboTax provides step-by-step guidance to ensure you include all the required details. While BYDFi doesn't have a direct integration, you can still use TurboTax to simplify the process of reporting your cryptocurrency income and ensure compliance with tax regulations.
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