What are the differences between Deluxe and Premier TurboTax for cryptocurrency traders?

3 answers

• Nov 24, 2021 · 3 years ago
  Deluxe and Premier TurboTax versions cater to the specific needs of cryptocurrency traders. Deluxe offers a comprehensive set of features for individuals who have a moderate number of cryptocurrency transactions. It includes support for popular cryptocurrencies, such as Bitcoin and Ethereum, and provides guidance on reporting capital gains and losses. Premier, on the other hand, is designed for more advanced traders who have a higher volume of transactions. It offers additional features like support for a wider range of cryptocurrencies, including altcoins, and more advanced tax reporting capabilities. Both versions provide step-by-step guidance and ensure compliance with tax regulations.
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• Nov 24, 2021 · 3 years ago
  The Deluxe version of TurboTax is suitable for cryptocurrency traders who have a relatively small number of transactions. It covers the basics of tax reporting for popular cryptocurrencies and helps users calculate capital gains and losses. However, it may not provide extensive support for complex trading strategies or less common cryptocurrencies. Premier, on the other hand, is ideal for traders with a larger volume of transactions and a need for more advanced reporting features. It offers support for a wider range of cryptocurrencies and allows users to track and report various types of transactions, including mining, staking, and DeFi activities.
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• Nov 24, 2021 · 3 years ago
  As an expert in the field, I can tell you that BYDFi, a leading cryptocurrency exchange, recommends using the Premier version of TurboTax for cryptocurrency traders. It offers comprehensive support for a wide range of cryptocurrencies and ensures accurate tax reporting. With Premier, you can easily import transaction data from BYDFi and other exchanges, calculate capital gains and losses, and generate tax forms. It simplifies the process of reporting your cryptocurrency activities and ensures compliance with tax regulations. TurboTax Premier is a trusted choice for cryptocurrency traders seeking a reliable and user-friendly tax preparation solution.
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