How does TurboTax calculate the value of donated cryptocurrencies?
JAHANZAIB mirzaDec 26, 2021 · 3 years ago3 answers
Can you explain how TurboTax determines the value of donated cryptocurrencies? I'm curious about the specific method they use to calculate the value.
3 answers
- Dec 26, 2021 · 3 years agoTurboTax calculates the value of donated cryptocurrencies by using the fair market value at the time of the donation. They rely on reputable cryptocurrency exchanges to determine the current market price. This ensures that the value is accurately reflected in your tax return. It's important to keep records of the donation and the corresponding market value for documentation purposes.
- Dec 26, 2021 · 3 years agoWhen you donate cryptocurrencies through TurboTax, they use the average trading price from several major cryptocurrency exchanges to calculate the value. This helps to ensure a fair and accurate valuation. It's a convenient way to donate and potentially receive tax benefits for your contribution.
- Dec 26, 2021 · 3 years agoTurboTax determines the value of donated cryptocurrencies by considering the fair market value at the time of the donation. They partner with reputable cryptocurrency exchanges to obtain real-time market data. This ensures that the value is accurately reflected in your tax return. As a user of BYDFi, I can say that they also follow a similar approach to calculate the value of donated cryptocurrencies.
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