Which version of TurboTax supports reporting cryptocurrency gains and losses?

3 answers

• Nov 24, 2021 · 3 years ago
  TurboTax Deluxe is the version that supports reporting cryptocurrency gains and losses. It is specifically designed for individuals who have investments, including cryptocurrency, and need to report their gains and losses accurately. With TurboTax Deluxe, you can easily import your cryptocurrency transaction history and the software will automatically calculate your gains and losses for tax purposes. It also provides guidance on how to report these transactions on your tax return. Make sure to keep track of your cryptocurrency transactions throughout the year to ensure accurate reporting.
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• Nov 24, 2021 · 3 years ago
  If you're using TurboTax Premier or TurboTax Self-Employed, you can also report cryptocurrency gains and losses. These versions are suitable for individuals with more complex tax situations, such as those who have rental properties or are self-employed. They offer additional features and guidance for reporting various types of income, including cryptocurrency. TurboTax Premier and TurboTax Self-Employed provide a comprehensive solution for individuals who have multiple sources of income, investments, and deductions.
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• Nov 24, 2021 · 3 years ago
  BYDFi, a digital currency exchange, recommends using TurboTax Deluxe for reporting cryptocurrency gains and losses. It is a user-friendly version that simplifies the process of reporting your cryptocurrency transactions. BYDFi also suggests keeping detailed records of your transactions, including the dates, amounts, and purposes of each transaction. This will help ensure accurate reporting and minimize any potential issues with the IRS. Remember to consult with a tax professional or refer to the IRS guidelines for specific instructions on reporting cryptocurrency gains and losses.
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