What is the impact of digital currency pricing on tax calculations with TurboTax in 2023?

1 answers

• Nov 29, 2021 · 3 years ago
  When it comes to tax calculations with TurboTax in 2023, the impact of digital currency pricing cannot be ignored. The pricing of digital currencies directly affects the capital gains or losses that need to be reported. TurboTax uses the fair market value of digital currencies at the time of purchase and sale to calculate these gains or losses. If the price of a digital currency increases between the time of purchase and sale, it will result in a capital gain that needs to be included in your tax calculations. Conversely, if the price decreases, it may result in a capital loss. Therefore, it is crucial to stay updated with the pricing of digital currencies and accurately report the gains or losses when using TurboTax for tax calculations in 2023.
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