How does filing extension affect the reporting of cryptocurrency transactions on Turbotax?

3 answers

• Feb 19, 2022 · 3 years ago
  When you file for an extension on Turbotax, it gives you additional time to prepare and submit your tax return. However, it's important to note that the reporting requirements for cryptocurrency transactions remain the same. Regardless of whether you file on time or with an extension, you still need to report your cryptocurrency transactions accurately. Make sure to include all relevant information, such as the date of the transaction, the type of cryptocurrency involved, the amount, and any gains or losses incurred.
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• Feb 19, 2022 · 3 years ago
  Filing for an extension on Turbotax doesn't exempt you from reporting your cryptocurrency transactions. The IRS treats cryptocurrency as property, and any gains or losses from its sale or exchange are subject to tax. So, even if you file for an extension, you still need to report your cryptocurrency transactions accurately and pay any applicable taxes. It's always best to consult with a tax professional or use tax software like Turbotax to ensure you're meeting all the necessary reporting requirements.
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• Feb 19, 2022 · 3 years ago
  When it comes to reporting cryptocurrency transactions on Turbotax, filing for an extension doesn't change the reporting process. Turbotax provides a dedicated section for reporting cryptocurrency transactions, where you can enter the necessary details. Just like with regular tax filings, it's important to accurately report your cryptocurrency transactions, including any gains or losses. If you're unsure about how to report your cryptocurrency transactions, Turbotax offers guidance and support to help you navigate the process.
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