What deductions can I claim for cryptocurrency investments on my w9 form in TurboTax?

2 answers

• Nov 26, 2021 · 3 years ago
  Yes, you can claim deductions for your cryptocurrency investments on your W9 form in TurboTax. The IRS treats cryptocurrency as property, so you can deduct expenses related to your investments. Some deductions you may be eligible for include transaction fees, mining expenses, and costs associated with buying or selling cryptocurrency. To claim these deductions, you will need to accurately report your cryptocurrency investments and expenses on your W9 form in TurboTax. It's important to keep detailed records and consult with a tax professional or use TurboTax's guidance to ensure you are claiming the deductions correctly and maximizing your tax benefits.
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• Nov 26, 2021 · 3 years ago
  As an expert at BYDFi, I can confirm that you can claim deductions for your cryptocurrency investments on your W9 form in TurboTax. The IRS treats cryptocurrency as property, which means you can deduct certain expenses related to your investments. Some deductions you may be eligible for include transaction fees, mining expenses, and costs associated with buying or selling cryptocurrency. To claim these deductions, you will need to accurately report your cryptocurrency investments and expenses on your W9 form in TurboTax. It's important to consult with a tax professional or use TurboTax's resources to ensure you are claiming the appropriate deductions and reporting them correctly.
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