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How can I accurately report my cryptocurrency earnings with TurboTax 2021 Home and Business?

avatarcuenta uso comunNov 24, 2021 · 3 years ago1 answers

I need to report my cryptocurrency earnings for the year using TurboTax 2021 Home and Business. Can anyone provide guidance on how to accurately report these earnings? What forms do I need to fill out? Are there any specific steps I need to follow?

How can I accurately report my cryptocurrency earnings with TurboTax 2021 Home and Business?
Cryptocurrency
TurboTax
Tax Reporting

1 answers

  • avatarNov 24, 2021 · 3 years ago
    Hey there! Reporting your cryptocurrency earnings with TurboTax 2021 Home and Business is a breeze. Just follow these steps: 1. Collect all your transaction records, including buy/sell orders, transfers, and any other relevant information. 2. Determine the cost basis for each transaction. This is the value of the cryptocurrency at the time of acquisition. 3. Fill out Form 8949 for each transaction, providing all the necessary details. 4. Calculate the total gains or losses and transfer them to Schedule D. 5. Include the information from Schedule D in your Form 1040 when filing your taxes. If you have any specific questions or need further assistance, feel free to reach out to TurboTax support. They're always ready to help!

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