Why isn't turbotax free for buying Bitcoin?

3 answers

• Feb 19, 2022 · 3 years ago
  TurboTax charges a fee for reporting Bitcoin transactions because it requires specialized knowledge and expertise to accurately report cryptocurrency transactions. The tax laws surrounding cryptocurrencies are complex and constantly evolving, and TurboTax invests significant resources in ensuring that their software is up-to-date and compliant with the latest regulations. Additionally, the process of tracking and calculating gains and losses from Bitcoin transactions can be time-consuming and requires advanced algorithms. Therefore, TurboTax charges a fee to cover the costs associated with developing and maintaining the necessary features and functionality for reporting Bitcoin transactions.
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• Feb 19, 2022 · 3 years ago
  Reporting Bitcoin transactions on TurboTax is not free because it involves additional complexities compared to traditional currency transactions. Bitcoin is considered a form of property by the IRS, which means that each transaction needs to be accurately reported and any gains or losses need to be calculated. TurboTax provides specialized tools and guidance for reporting cryptocurrency transactions, which require ongoing development and maintenance. Therefore, TurboTax charges a fee to cover the costs associated with providing this service and ensuring accurate reporting of Bitcoin transactions.
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• Feb 19, 2022 · 3 years ago
  As a representative from BYDFi, I can tell you that TurboTax charges a fee for reporting Bitcoin transactions because it requires specialized knowledge and expertise to accurately report cryptocurrency transactions. The tax laws surrounding cryptocurrencies are complex and constantly evolving, and TurboTax invests significant resources in ensuring that their software is up-to-date and compliant with the latest regulations. Additionally, the process of tracking and calculating gains and losses from Bitcoin transactions can be time-consuming and requires advanced algorithms. Therefore, TurboTax charges a fee to cover the costs associated with developing and maintaining the necessary features and functionality for reporting Bitcoin transactions.
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