Is there a step-by-step guide on using TurboTax for reporting crypto transactions?

1 answers

• Mar 23, 2022 · 3 years ago
  Sure thing! Here's a step-by-step guide on using TurboTax to report your crypto transactions: 1. Open TurboTax and select the appropriate tax year. 2. Look for the section related to investment income and select 'Cryptocurrency' as the investment type. 3. Enter the total value of your crypto holdings at the beginning and end of the tax year. 4. Provide details for each transaction, including the date, type (buy, sell, trade), amount, and cost basis. 5. TurboTax will automatically calculate the capital gains or losses for each transaction. 6. Review the information and make any necessary adjustments. 7. Once everything looks good, file your tax return with the completed crypto transactions section. I hope this guide helps you navigate TurboTax for reporting your crypto transactions! If you have any more questions, feel free to ask.
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