What are the disadvantages of using TurboTax Premier for cryptocurrency tax filing?

3 answers

• Nov 28, 2021 · 3 years ago
  One potential disadvantage of using TurboTax Premier for cryptocurrency tax filing is that it may not have the most up-to-date information or guidance on the ever-evolving tax regulations surrounding cryptocurrencies. As the cryptocurrency market is relatively new and constantly changing, it can be challenging for tax software to keep up with the latest rules and regulations. This could potentially lead to inaccuracies or missed opportunities for deductions or credits. It's important to stay informed and consult with a tax professional if you have complex cryptocurrency tax situations.
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• Nov 28, 2021 · 3 years ago
  Another drawback of using TurboTax Premier for cryptocurrency tax filing is that it may not offer specialized support or guidance for unique situations that arise in the cryptocurrency space. For example, if you have engaged in mining, staking, or other complex cryptocurrency activities, TurboTax Premier may not have specific instructions or explanations tailored to these activities. In such cases, you may need to seek additional assistance or consult with a tax professional who is well-versed in cryptocurrency tax matters.
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• Nov 28, 2021 · 3 years ago
  At BYDFi, we recommend considering the limitations of TurboTax Premier when it comes to cryptocurrency tax filing. While TurboTax is a popular and user-friendly tax software, it may not provide the level of expertise or customization needed for complex cryptocurrency tax situations. It's important to carefully evaluate your specific needs and consider alternative options or professional assistance if necessary.
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