What are the best ways to open a TurboTax file for tracking my cryptocurrency transactions?

3 answers

• Dec 29, 2021 · 3 years ago
  One of the best ways to open a TurboTax file for tracking your cryptocurrency transactions is to use the TurboTax Premier edition. This edition is specifically designed for investors and includes features that allow you to import your cryptocurrency transaction data from popular exchanges. You can easily import your transaction history and TurboTax will automatically calculate your gains and losses for tax reporting purposes. It's a convenient and efficient way to ensure accurate tax reporting for your cryptocurrency investments.
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• Dec 29, 2021 · 3 years ago
  If you're looking for a more manual approach, you can export your cryptocurrency transaction history from your exchange in a CSV or Excel format. Once you have the transaction history file, you can open TurboTax and navigate to the section for investment income. From there, you can import the transaction history file and TurboTax will guide you through the process of categorizing your transactions and calculating your gains and losses. It may require some manual work, but it's a viable option if you prefer to have more control over the process.
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• Dec 29, 2021 · 3 years ago
  At BYDFi, we recommend using CoinTracker to open a TurboTax file for tracking your cryptocurrency transactions. CoinTracker is a popular cryptocurrency portfolio tracker that integrates seamlessly with TurboTax. You can connect your exchange accounts to CoinTracker and it will automatically sync your transaction history. From there, you can generate a TurboTax-compatible file and import it into TurboTax. It's a simple and efficient way to ensure accurate tax reporting for your cryptocurrency investments. Plus, CoinTracker offers additional features such as portfolio tracking and tax optimization strategies to help you maximize your returns.
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