common-close-0
BYDFi
Trade wherever you are!

Is there a step-by-step guide on using TurboTax for reporting crypto transactions?

avatarashraf aliDec 16, 2021 · 3 years ago1 answers

Can someone provide a detailed step-by-step guide on how to use TurboTax for reporting crypto transactions? I'm new to cryptocurrency and want to make sure I'm accurately reporting my transactions for tax purposes. Any help would be greatly appreciated!

Is there a step-by-step guide on using TurboTax for reporting crypto transactions?

1 answers

  • avatarDec 16, 2021 · 3 years ago
    Sure thing! Here's a step-by-step guide on using TurboTax to report your crypto transactions: 1. Open TurboTax and select the appropriate tax year. 2. Look for the section related to investment income and select 'Cryptocurrency' as the investment type. 3. Enter the total value of your crypto holdings at the beginning and end of the tax year. 4. Provide details for each transaction, including the date, type (buy, sell, trade), amount, and cost basis. 5. TurboTax will automatically calculate the capital gains or losses for each transaction. 6. Review the information and make any necessary adjustments. 7. Once everything looks good, file your tax return with the completed crypto transactions section. I hope this guide helps you navigate TurboTax for reporting your crypto transactions! If you have any more questions, feel free to ask.