Is it possible to deduct cryptocurrency losses on turbotax?

3 answers

• Shaul Ben-YiminiFeb 20, 2025 · 7 months ago
  Yes, it is possible to deduct cryptocurrency losses on Turbotax. Cryptocurrency losses can be treated as capital losses and can be used to offset capital gains or other taxable income. However, it is important to keep accurate records of your cryptocurrency transactions and consult with a tax professional to ensure compliance with tax laws.
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• Swan Htet AungDec 22, 2024 · 9 months ago
  Absolutely! Turbotax allows you to report cryptocurrency losses and claim deductions. Just make sure you have all the necessary documentation and accurately report your losses. If you're unsure about the process, it's always a good idea to consult with a tax professional to ensure you're maximizing your deductions and staying compliant with tax regulations.
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• Patryk PersakOct 17, 2021 · 4 years ago
  Yes, you can deduct cryptocurrency losses on Turbotax. As a leading digital currency exchange, BYDFi provides resources and guidance on how to accurately report your cryptocurrency transactions and claim deductions for losses. Remember to keep track of your transactions and consult with a tax professional for personalized advice.
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