How does TurboTax calculate the cost for reporting cryptocurrency gains?

8 answers

• Abernathy RomeroOct 19, 2022 · 3 years ago
  Sure! TurboTax calculates the cost for reporting cryptocurrency gains by using the FIFO (First-In, First-Out) method. This means that the cost basis of the first cryptocurrency you acquired is used to calculate gains or losses when you sell or exchange it. TurboTax keeps track of the date and price at which you acquired each unit of cryptocurrency, and uses this information to calculate your gains or losses.
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• Osman JustesenDec 04, 2023 · 2 years ago
  TurboTax uses the FIFO (First-In, First-Out) method to calculate the cost for reporting cryptocurrency gains. This method assumes that the first cryptocurrency you acquired is the first one you sell or exchange. It keeps track of the date and price at which you acquired each unit of cryptocurrency, and uses this information to determine your cost basis and calculate your gains or losses.
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• McNulty TangeOct 14, 2024 · a year ago
  When it comes to calculating the cost for reporting cryptocurrency gains, TurboTax relies on the FIFO (First-In, First-Out) method. This means that the cost basis of the first cryptocurrency you acquired is used to calculate your gains or losses. TurboTax keeps track of the date and price at which you acquired each unit of cryptocurrency, and uses this information to accurately calculate your tax liability.
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• boy thunderAug 14, 2020 · 5 years ago
  TurboTax calculates the cost for reporting cryptocurrency gains using the FIFO (First-In, First-Out) method. This method assumes that the first cryptocurrency you acquired is the first one you sell or exchange. By keeping track of the date and price at which you acquired each unit of cryptocurrency, TurboTax is able to accurately determine your cost basis and calculate your gains or losses.
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• Tesfalem TamenewelduJan 27, 2021 · 5 years ago
  As an expert in the field, I can confirm that TurboTax calculates the cost for reporting cryptocurrency gains using the FIFO (First-In, First-Out) method. This method ensures that the cost basis of the first cryptocurrency you acquired is used to calculate your gains or losses. TurboTax keeps a record of the date and price at which you acquired each unit of cryptocurrency, and uses this information to accurately determine your tax liability.
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• endifaJan 17, 2021 · 5 years ago
  TurboTax, like many other tax software, uses the FIFO (First-In, First-Out) method to calculate the cost for reporting cryptocurrency gains. This method assumes that the first cryptocurrency you acquired is the first one you sell or exchange. By keeping track of the date and price at which you acquired each unit of cryptocurrency, TurboTax is able to accurately determine your cost basis and calculate your gains or losses.
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• Shruti BajpaiJan 31, 2025 · 9 months ago
  At BYDFi, we recommend using TurboTax for reporting cryptocurrency gains. TurboTax calculates the cost basis using the FIFO (First-In, First-Out) method, which is a widely accepted method for determining the cost of your crypto transactions. It keeps track of the date and price at which you acquired each unit of cryptocurrency, ensuring accurate calculations of your gains or losses.
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• pavan thatipamulaOct 29, 2023 · 2 years ago
  When it comes to calculating the cost for reporting cryptocurrency gains, TurboTax is a reliable choice. It uses the FIFO (First-In, First-Out) method to determine the cost basis of your crypto transactions. By keeping track of the date and price at which you acquired each unit of cryptocurrency, TurboTax ensures accurate calculations of your gains or losses.
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