Are there any special considerations for entering cryptocurrency gains or losses in Turbotax Premier?

3 answers

• StossOct 22, 2020 · 5 years ago
  When entering cryptocurrency gains or losses in Turbotax Premier, it's important to remember that the IRS treats cryptocurrencies as property, not currency. This means that any gains or losses from cryptocurrency transactions are subject to capital gains tax. Make sure to accurately report your gains or losses and keep detailed records of your transactions for tax purposes. It's also a good idea to consult with a tax professional or use tax software like Turbotax Premier to ensure you're correctly reporting your cryptocurrency transactions.
  546

  273
• Janice WisesOct 31, 2023 · 2 years ago
  Entering cryptocurrency gains or losses in Turbotax Premier can be a bit tricky, but there are a few key considerations to keep in mind. First, you'll need to accurately calculate your gains or losses by subtracting the cost basis (the amount you paid for the cryptocurrency) from the fair market value at the time of the transaction. Additionally, you'll need to determine whether the transaction qualifies as a short-term or long-term capital gain or loss, depending on how long you held the cryptocurrency. Finally, be sure to report any income from mining or staking cryptocurrencies as well. Using tax software like Turbotax Premier can help simplify the process and ensure you're meeting all the necessary requirements.
  725

  242
• PajelllDec 10, 2024 · a year ago
  When it comes to entering cryptocurrency gains or losses in Turbotax Premier, it's important to note that different exchanges may have different reporting requirements. Some exchanges provide detailed transaction history and tax reports, which can make it easier to accurately report your gains or losses. However, if you're using multiple exchanges or trading platforms, you may need to manually compile your transaction history and calculate your gains or losses. Additionally, if you received any airdrops, forks, or other types of cryptocurrency income, be sure to report them as well. Overall, it's crucial to stay organized and keep track of all your cryptocurrency transactions to ensure accurate reporting in Turbotax Premier.
  734

  184