How can I calculate my cryptocurrency taxes without using TurboTax Deluxe?

3 answers

• Dec 17, 2021 · 3 years ago
  One alternative method you can use to calculate your cryptocurrency taxes without TurboTax Deluxe is to manually track all your transactions and calculate your gains or losses. This involves keeping a record of every buy, sell, and trade you make, as well as any mining or staking activities. You can then use a spreadsheet or a specialized cryptocurrency tax software to calculate your tax liability based on your transactions. While this method requires more effort and time compared to using tax software, it gives you more control over the process and allows for greater customization.
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• Dec 17, 2021 · 3 years ago
  If you're not comfortable with manually tracking your transactions, another option is to use a dedicated cryptocurrency tax software. There are several reputable software options available that can automatically import your transaction data from exchanges and wallets, calculate your gains or losses, and generate the necessary tax forms. Some popular choices include CoinTracking, CryptoTrader.Tax, and TokenTax. These software solutions are designed specifically for cryptocurrency taxes and can save you a lot of time and effort compared to manual calculations.
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• Dec 17, 2021 · 3 years ago
  At BYDFi, we understand the importance of accurately calculating cryptocurrency taxes. While TurboTax Deluxe is a popular choice for many individuals, there are alternative methods available that can help you calculate your taxes without relying on this software. One such method is to use a cryptocurrency tax calculator, which can automate the process and provide accurate results. Additionally, you can consult with a tax professional who specializes in cryptocurrency taxes to ensure compliance and maximize your deductions. Remember, accurately calculating your cryptocurrency taxes is crucial to avoid any potential legal or financial consequences.
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