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How can I include futures contracts for digital currencies in TurboTax?

avatarLaustsen SalisburyDec 27, 2021 · 3 years ago3 answers

I'm using TurboTax to file my taxes, and I have futures contracts for digital currencies. How can I include these contracts in TurboTax? Is there a specific section or form that I need to fill out? Can TurboTax automatically calculate the gains or losses from these contracts?

How can I include futures contracts for digital currencies in TurboTax?

3 answers

  • avatarDec 27, 2021 · 3 years ago
    Yes, you can include futures contracts for digital currencies in TurboTax. When you're filling out your tax return, you'll need to report these contracts as capital assets. TurboTax provides a section specifically for reporting capital gains and losses. You'll need to enter the details of each futures contract, including the purchase price, sale price, and holding period. TurboTax will then automatically calculate the gains or losses for you.
  • avatarDec 27, 2021 · 3 years ago
    Including futures contracts for digital currencies in TurboTax is a straightforward process. You'll need to navigate to the section for reporting investment income and select the option for futures contracts. TurboTax will guide you through the process of entering the necessary information, such as the contract details and transaction dates. Make sure to have your records handy to accurately report your gains or losses.
  • avatarDec 27, 2021 · 3 years ago
    At BYDFi, we recommend consulting with a tax professional or using specialized tax software to include futures contracts for digital currencies in TurboTax. While TurboTax does provide a section for reporting capital gains and losses, the complex nature of futures contracts may require additional expertise. A tax professional can ensure that you accurately report your gains or losses and take advantage of any applicable deductions or exemptions.