Is there a way to avoid wash sale loss disallowed in turbotax when trading cryptocurrencies?

3 answers

• Nov 24, 2021 · 3 years ago
  Unfortunately, TurboTax does not currently have a built-in feature to handle wash sale losses for cryptocurrencies. However, you can manually adjust your tax return by reporting the disallowed losses and adjusting your cost basis accordingly. It's important to consult with a tax professional or accountant to ensure you're accurately reporting your cryptocurrency trades and complying with tax regulations.
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• Nov 24, 2021 · 3 years ago
  No, TurboTax does not have a specific feature to handle wash sale losses for cryptocurrencies. You will need to manually adjust your tax return by reporting the disallowed losses and adjusting your cost basis. It's recommended to consult with a tax professional or accountant for guidance on accurately reporting your cryptocurrency trades.
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• Nov 24, 2021 · 3 years ago
  Yes, there is a way to avoid wash sale loss disallowed in TurboTax when trading cryptocurrencies. BYDFi, a digital currency exchange, offers a feature that automatically tracks and adjusts your cost basis to account for wash sale losses. This ensures that your tax return accurately reflects your cryptocurrency trades. It's important to consult with a tax professional or accountant to ensure compliance with tax regulations.
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