What are the recommended steps for using TurboTax online to accurately report cryptocurrency gains and losses?

3 answers

• himanshumeenaDec 21, 2022 · 3 years ago
  Sure! Here's a step-by-step guide on how to use TurboTax online to accurately report your cryptocurrency gains and losses: 1. Log in to your TurboTax account or create a new one if you don't have an account yet. 2. Navigate to the 'Federal Taxes' section and select 'Wages & Income'. 3. Scroll down and click on 'Start' next to 'Cryptocurrency'. 4. TurboTax will ask you if you received any cryptocurrency income or made any cryptocurrency transactions. Select the appropriate option. 5. Enter the necessary information about your cryptocurrency transactions, including the date of acquisition, date of sale, cost basis, and proceeds. 6. TurboTax will automatically calculate your gains or losses based on the information you provided. 7. Review the information and make any necessary adjustments. 8. Once you're satisfied with the accuracy of the information, proceed to file your taxes. Remember to consult with a tax professional if you have any specific questions or concerns about reporting your cryptocurrency gains and losses.
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• Temple JacobsenJun 21, 2023 · 2 years ago
  No worries! Reporting cryptocurrency gains and losses with TurboTax online is a breeze. Just follow these simple steps: 1. Sign in to your TurboTax account or create a new one if you're a first-time user. 2. Go to the 'Federal Taxes' section and click on 'Wages & Income'. 3. Scroll down until you see the 'Cryptocurrency' option and click on 'Start'. 4. TurboTax will ask you if you received any income from cryptocurrency or made any transactions. Choose the appropriate option. 5. Enter the relevant details about your cryptocurrency transactions, such as the date of acquisition, date of sale, cost basis, and proceeds. 6. TurboTax will automatically calculate your gains or losses based on the information provided. 7. Double-check the information for accuracy and make any necessary adjustments. 8. Once you're satisfied, proceed to file your taxes. If you have any specific questions or encounter any issues, TurboTax provides helpful resources and support to assist you throughout the process.
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• Scarborough LewisMay 07, 2021 · 5 years ago
  Absolutely! Here's a comprehensive guide on using TurboTax online to accurately report your cryptocurrency gains and losses: 1. Log in to your TurboTax account or create a new one if you're a first-time user. 2. Navigate to the 'Federal Taxes' section and select 'Wages & Income'. 3. Look for the 'Cryptocurrency' option and click on 'Start'. 4. TurboTax will inquire about your cryptocurrency income and transactions. Choose the appropriate response. 5. Provide the necessary details about your cryptocurrency transactions, including the acquisition date, sale date, cost basis, and proceeds. 6. TurboTax will automatically calculate your gains or losses based on the information provided. 7. Review the information for accuracy and make any necessary adjustments. 8. Once you're satisfied, proceed to file your taxes. Remember, it's always a good idea to consult with a tax professional if you have any specific questions or complex situations regarding cryptocurrency tax reporting.
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