What are the steps to fill out turbo tax form 1099 b for cryptocurrency investments?

1 answers

• Dec 15, 2021 · 3 years ago
  Absolutely! Here's a step-by-step guide to help you fill out the turbo tax form 1099 b for cryptocurrency investments: 1. Begin by collecting all the necessary information related to your cryptocurrency investments, such as transaction records, buy and sell orders, and transfers. 2. Open TurboTax and go to the 'Federal' tab. 3. Select 'Wages & Income' and then 'Investment Income'. 4. Look for the section labeled 'Stocks, Mutual Funds, Bonds, Other' and click on 'Start'. 5. On the next page, indicate whether you received a 1099-B or a brokerage statement. Choose 'No'. 6. On the following page, indicate whether you had any cryptocurrency transactions. Choose 'Yes'. 7. Enter the details of each cryptocurrency transaction, including the acquisition date, sale date, cost basis, and proceeds. 8. Continue entering all your cryptocurrency transactions until you have accounted for all of them. 9. Review the information you entered and ensure its accuracy. 10. Once you are satisfied, proceed to the next section and complete the rest of your tax return. Remember, it's always a good idea to consult with a tax professional or accountant to ensure you are correctly reporting your cryptocurrency investments.
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