How can I include futures contracts for digital currencies in TurboTax?

3 answers

• Dec 18, 2021 · 3 years ago
  Yes, you can include futures contracts for digital currencies in TurboTax. When you're filling out your tax return, you'll need to report these contracts as capital assets. TurboTax provides a section specifically for reporting capital gains and losses. You'll need to enter the details of each futures contract, including the purchase price, sale price, and holding period. TurboTax will then automatically calculate the gains or losses for you.
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• Dec 18, 2021 · 3 years ago
  Including futures contracts for digital currencies in TurboTax is a straightforward process. You'll need to navigate to the section for reporting investment income and select the option for futures contracts. TurboTax will guide you through the process of entering the necessary information, such as the contract details and transaction dates. Make sure to have your records handy to accurately report your gains or losses.
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• Dec 18, 2021 · 3 years ago
  At BYDFi, we recommend consulting with a tax professional or using specialized tax software to include futures contracts for digital currencies in TurboTax. While TurboTax does provide a section for reporting capital gains and losses, the complex nature of futures contracts may require additional expertise. A tax professional can ensure that you accurately report your gains or losses and take advantage of any applicable deductions or exemptions.
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