Why does TurboTax charge now for cryptocurrency transactions?

3 answers

• Dec 26, 2021 · 3 years ago
  TurboTax now charges fees for cryptocurrency transactions due to the increased complexity and regulatory requirements surrounding cryptocurrencies. The IRS has been cracking down on cryptocurrency tax evasion, and TurboTax needs to ensure compliance with these regulations. As a result, they have introduced new features and tools to accurately report cryptocurrency transactions, which require additional resources and development costs. These fees help cover the expenses associated with providing this service.
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• Dec 26, 2021 · 3 years ago
  The decision to charge fees for cryptocurrency transactions on TurboTax is driven by the need to provide accurate and compliant tax reporting for cryptocurrency users. Cryptocurrency transactions can be complex and difficult to track, and TurboTax has invested in developing the necessary infrastructure to handle these transactions. By charging fees, TurboTax can continue to offer a high-quality service and ensure that cryptocurrency users are properly reporting their transactions to the IRS.
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• Dec 26, 2021 · 3 years ago
  As a third-party expert in the cryptocurrency industry, I can tell you that TurboTax is not the only tax software charging fees for cryptocurrency transactions. Many tax software providers have started charging fees due to the increasing complexity of cryptocurrency tax reporting. It's important to understand that these fees are necessary to ensure accurate and compliant tax reporting for cryptocurrency users. TurboTax has made significant investments in developing the necessary tools and features to handle cryptocurrency transactions, and these fees help cover the costs associated with providing this service.
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