What are the best practices for using turbo tax software or online platforms to calculate taxes on cryptocurrency trades?

1 answers

• Dec 24, 2021 · 3 years ago
  Calculating taxes on cryptocurrency trades can be a complex task, but using turbo tax software or online platforms can simplify the process. Here are some best practices to follow: 1. Keep track of all your cryptocurrency transactions, including buys, sells, and trades. This will help you accurately calculate your gains and losses. 2. Use a tax software or online platform that supports cryptocurrency tax calculations. TurboTax is a popular choice, but there are also other options available. 3. Make sure to enter all the necessary information, such as the date of each transaction, the cost basis, and the fair market value at the time of the transaction. 4. Double-check your entries and review the final calculations before submitting your tax return. 5. Consider consulting with a tax professional if you have any specific questions or concerns. Remember, it's always better to be safe than sorry when it comes to taxes.
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