What are the tax implications of donating cryptocurrency with Turbotax?

3 answers

• Dec 17, 2021 · 3 years ago
  Donating cryptocurrency can have tax implications that you need to consider. When you donate cryptocurrency, it is treated as a non-cash charitable contribution. The value of the cryptocurrency at the time of the donation is used to determine the tax deduction you can claim. It's important to keep track of the fair market value of the cryptocurrency at the time of the donation. Turbotax can help you calculate the tax deduction based on the value of the cryptocurrency.
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• Dec 17, 2021 · 3 years ago
  Donating cryptocurrency with Turbotax is a great way to support charitable causes while potentially reducing your tax liability. However, it's important to understand the tax implications involved. The IRS treats cryptocurrency donations as non-cash charitable contributions, and you may be eligible for a tax deduction based on the fair market value of the donated cryptocurrency. Turbotax can guide you through the process of reporting and calculating the tax deduction for your cryptocurrency donation.
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• Dec 17, 2021 · 3 years ago
  When you donate cryptocurrency with Turbotax, you need to be aware of the tax implications. The IRS treats cryptocurrency donations as non-cash charitable contributions, and you may be eligible for a tax deduction based on the fair market value of the donated cryptocurrency. Turbotax can help you accurately report your cryptocurrency donation and calculate the tax deduction. Remember to keep records of the donation and consult with a tax professional if you have any specific questions or concerns.
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