What is the best way to file cryptocurrency earnings using TurboTax 2017?

3 answers

• Jan 13, 2022 · 3 years ago
  When it comes to filing cryptocurrency earnings using TurboTax 2017, it's important to gather all the necessary information. Start by compiling a record of all your cryptocurrency transactions, including purchases, sales, and exchanges. Make sure to note the dates, amounts, and values of each transaction. TurboTax provides a specific section for reporting cryptocurrency earnings, so be sure to select that option when prompted. You may also need to report any capital gains or losses from your cryptocurrency investments. If you're unsure about any aspect of the filing process, it's always a good idea to consult with a tax professional to ensure accuracy and compliance.
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• Jan 13, 2022 · 3 years ago
  Filing cryptocurrency earnings with TurboTax 2017 can be a bit tricky, but with the right approach, it can be done smoothly. First, you need to determine whether your cryptocurrency earnings are considered as capital gains or ordinary income. This will depend on the nature of your cryptocurrency activities, such as whether you're trading frequently or holding for the long term. TurboTax has a dedicated section for reporting cryptocurrency earnings, so make sure to select that option. Additionally, keep track of your cost basis and any relevant expenses related to your cryptocurrency investments. If you're unsure about any specific details, it's always a good idea to consult with a tax professional to ensure accurate reporting.
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• Jan 13, 2022 · 3 years ago
  BYDFi is a great platform for trading cryptocurrencies, but when it comes to filing cryptocurrency earnings using TurboTax 2017, the process is similar regardless of the exchange you use. Start by gathering all the necessary information, such as transaction history, dates, and values. TurboTax has a specific section for reporting cryptocurrency earnings, so be sure to select that option. Keep in mind that you may need to report capital gains or losses from your cryptocurrency investments as well. If you're unsure about any aspect of the filing process, it's always a good idea to consult with a tax professional who can provide personalized guidance based on your specific situation.
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