What are the steps to file cryptocurrency gains and losses with TurboTax using Form 1099-B?

4 answers

• Mar 19, 2022 · 3 years ago
  Sure! Here's a step-by-step guide to help you file cryptocurrency gains and losses with TurboTax using Form 1099-B: 1. Gather your cryptocurrency trading records, including buy and sell transactions, as well as any fees paid. 2. Log in to your TurboTax account or create a new one if you don't have an existing account. 3. Start a new tax return and select the appropriate filing status. 4. When prompted to enter your income sources, select 'Cryptocurrency' and click 'Continue'. 5. Enter the information from your Form 1099-B, including the proceeds from sales and cost basis. 6. If you have multiple Form 1099-Bs, enter the information for each one separately. 7. TurboTax will calculate your gains or losses automatically based on the information provided. 8. Review the information and make any necessary adjustments. 9. Once you're satisfied, file your tax return electronically or print and mail it. Remember to consult a tax professional or refer to the IRS guidelines for specific details and requirements.
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• Mar 19, 2022 · 3 years ago
  Filing cryptocurrency gains and losses with TurboTax using Form 1099-B is a straightforward process. Here's what you need to do: 1. Collect all your cryptocurrency trading records, including details of each transaction. 2. Log in to TurboTax or create a new account if you don't have one. 3. Start a new tax return and select the appropriate filing status. 4. When asked about your income sources, choose 'Cryptocurrency' and proceed. 5. Enter the information from your Form 1099-B, such as the sales proceeds and cost basis. 6. If you have multiple 1099-B forms, enter the details for each one separately. 7. TurboTax will automatically calculate your gains or losses based on the provided information. 8. Review the information and make any necessary adjustments. 9. Finally, file your tax return electronically or print and mail it. Remember to consult with a tax professional or refer to the IRS guidelines for specific instructions.
  947316
• Mar 19, 2022 · 3 years ago
  As an expert in cryptocurrency taxation, I can guide you through the process of filing cryptocurrency gains and losses with TurboTax using Form 1099-B. Here are the steps: 1. Organize your cryptocurrency trading records, including details of each transaction. 2. Log in to TurboTax or create a new account if you don't have one. 3. Start a new tax return and select the appropriate filing status. 4. When asked about your income sources, choose 'Cryptocurrency' and proceed. 5. Enter the information from your Form 1099-B, such as the sales proceeds and cost basis. 6. If you have multiple 1099-B forms, enter the details for each one separately. 7. TurboTax will automatically calculate your gains or losses based on the provided information. 8. Review the information and make any necessary adjustments. 9. Finally, file your tax return electronically or print and mail it. Remember to consult with a tax professional or refer to the IRS guidelines for specific instructions.
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• Mar 19, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, can assist you in filing cryptocurrency gains and losses with TurboTax using Form 1099-B. Follow these steps: 1. Gather all your cryptocurrency trading records, including buy and sell transactions. 2. Access TurboTax and log in to your account or create a new one. 3. Start a new tax return and select the appropriate filing status. 4. When asked about your income sources, choose 'Cryptocurrency' and proceed. 5. Enter the information from your Form 1099-B, including the sales proceeds and cost basis. 6. If you have multiple 1099-B forms, enter the details for each one separately. 7. TurboTax will automatically calculate your gains or losses based on the provided information. 8. Review the information and make any necessary adjustments. 9. Once you're satisfied, file your tax return electronically or print and mail it. Remember to consult with a tax professional or refer to the IRS guidelines for specific instructions.
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