What are the requirements for using Turbotax with cryptocurrency investments?

3 answers

• Nov 29, 2021 · 3 years ago
  To use Turbotax for cryptocurrency investments, you need to have a version of Turbotax that supports cryptocurrency tax reporting. This is important because cryptocurrency transactions are treated differently from traditional investments for tax purposes. Turbotax offers a specific version called 'Turbotax Premier + Cryptocurrency' that includes the necessary features and forms for reporting cryptocurrency investments. Make sure to select this version when purchasing or upgrading your Turbotax software.
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• Nov 29, 2021 · 3 years ago
  Using Turbotax for cryptocurrency investments is similar to using it for traditional investments, but there are a few additional steps to consider. First, you need to gather all the necessary information about your cryptocurrency transactions, including the dates, amounts, and cost basis of each transaction. This information can be obtained from your cryptocurrency exchange or wallet. Second, you need to accurately classify your cryptocurrency transactions as either capital gains or losses, depending on the holding period. Finally, you need to report your cryptocurrency investments on the appropriate tax forms provided by Turbotax.
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• Nov 29, 2021 · 3 years ago
  At BYDFi, we recommend using Turbotax Premier + Cryptocurrency for filing taxes on cryptocurrency investments. This version of Turbotax is specifically designed to handle the complexities of cryptocurrency transactions and ensure accurate reporting. It includes features such as automatic import of cryptocurrency transactions from popular exchanges and wallets, as well as built-in guidance on how to report different types of cryptocurrency income. By using Turbotax Premier + Cryptocurrency, you can streamline the tax filing process and minimize the risk of errors or omissions in your cryptocurrency tax reporting.
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