What are the steps to update TurboTax for reporting cryptocurrency gains and losses?

1 answers

• Jan 15, 2022 · 3 years ago
  Updating TurboTax for reporting cryptocurrency gains and losses is a straightforward process. Just follow these steps: 1. Open TurboTax and navigate to the section for investment income. 2. Look for the option to add your cryptocurrency transactions. 3. If you have a CSV file or a tax document from your cryptocurrency exchange, you can import it directly into TurboTax. If not, you'll need to manually enter each transaction. 4. Enter the details of each transaction, including the date, type (buy, sell, trade), amount, and cost basis. 5. TurboTax will automatically calculate the gains or losses based on the current market value. 6. Review the imported or manually entered transactions for accuracy. 7. Proceed to the next section to complete your tax return. I hope this helps! If you have any more questions, feel free to ask.
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