Is it possible to claim deductions on cryptocurrency investments when filing quarterly taxes with Turbotax?

3 answers

• Dec 17, 2021 · 3 years ago
  Yes, it is possible to claim deductions on cryptocurrency investments when filing quarterly taxes with Turbotax. The IRS treats cryptocurrencies as property, so you can deduct expenses related to your investments, such as transaction fees and hardware wallets. However, losses from trading cryptocurrencies are considered capital losses, and there are specific rules and limitations for deducting them. It's recommended to consult a tax professional or use tax software like Turbotax to ensure you claim the deductions correctly and maximize your tax benefits.
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• Dec 17, 2021 · 3 years ago
  Absolutely! When using Turbotax to file your quarterly taxes, you can claim deductions on your cryptocurrency investments. Just like any other investment, you can deduct expenses such as transaction fees and hardware wallets. However, keep in mind that losses from trading cryptocurrencies are treated as capital losses, and there are certain limitations on deducting them. It's always a good idea to consult with a tax professional or use tax software to ensure you're following the correct procedures and maximizing your deductions.
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• Dec 17, 2021 · 3 years ago
  Yes, you can claim deductions on your cryptocurrency investments when filing quarterly taxes with Turbotax. The IRS considers cryptocurrencies as property, so you can deduct expenses related to your investments, including transaction fees and hardware wallets. However, losses from trading cryptocurrencies are treated as capital losses, and there are specific rules for deducting them. It's important to keep detailed records of your transactions and consult with a tax professional or use tax software to ensure you're claiming the deductions accurately and in compliance with the IRS guidelines.
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