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TagsHow can I use TurboTax to accurately report cryptocurrency transactions on Form 709?
Rafael EdoraMar 01, 2022 · 3 years ago1 answersI need help understanding how to use TurboTax to accurately report my cryptocurrency transactions on Form 709. Can you provide a step-by-step guide or some tips to ensure that I report everything correctly?
1 answers
- Reporting cryptocurrency transactions on Form 709 using TurboTax is a breeze! Just follow these steps: 1. Log in to your TurboTax account and select the option to file a gift tax return (Form 709). 2. Enter your personal information and navigate to the 'Gifts Made' section. 3. Indicate that you made gifts of property and provide the necessary details for each cryptocurrency transaction. 4. Ensure that you accurately report the fair market value of the cryptocurrency at the time of the gift. 5. TurboTax will handle the calculations and generate the gift tax owed based on the information you provide. If you have any questions or need further assistance, TurboTax's customer support is always available to help you out.Mar 01, 2022 · 3 years ago
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