What are the steps to report cryptocurrency earnings with TurboTax?

1 answers

• MatiasSep 07, 2020 · 5 years ago
  Absolutely! Here's a step-by-step guide on how to report your cryptocurrency earnings with TurboTax: 1. First, gather all the necessary information, including transaction records, receipts, and any other relevant documents. 2. Open TurboTax and select the appropriate tax year. 3. Look for the section related to investment income or capital gains and losses. 4. Enter the details of each cryptocurrency transaction, such as the date, type (buy/sell/trade), amount, and cost basis. 5. TurboTax will automatically calculate the capital gains or losses based on the current market value. 6. Continue entering all your cryptocurrency transactions until you've accounted for all your earnings. 7. Review the information for accuracy and make any necessary adjustments. 8. Finally, file your tax return electronically or print it out and mail it to the relevant tax authority. Remember to keep detailed records of your cryptocurrency activities to ensure accurate reporting. I hope this guide helps! If you have any more questions, feel free to ask.
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