Are there any considerations for filing for an extension with TurboTax while holding cryptocurrency investments?

3 answers

• Dec 29, 2021 · 3 years ago
  When filing for an extension with TurboTax and holding cryptocurrency investments, it's crucial to accurately report your crypto transactions. Cryptocurrency is treated as property by the IRS, so you need to report any gains or losses from buying, selling, or trading crypto. Make sure to keep track of your transactions and calculate the correct cost basis. TurboTax provides guidance on reporting cryptocurrency investments and offers specific forms, such as Form 8949 and Schedule D, to report these transactions. It's important to consult with a tax professional or use TurboTax's resources to ensure you're accurately reporting your crypto investments.
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• Dec 29, 2021 · 3 years ago
  Filing for an extension with TurboTax while holding cryptocurrency investments can be a bit more complex compared to traditional investments. Cryptocurrency transactions are subject to capital gains tax, and the IRS requires you to report all taxable events. This includes not only selling crypto for fiat currency but also trading one cryptocurrency for another. TurboTax can help you navigate through the tax implications of your crypto investments and ensure you're in compliance with the IRS regulations. Remember to keep detailed records of your transactions and consult with a tax professional if needed.
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• Dec 29, 2021 · 3 years ago
  As an expert at BYDFi, I can tell you that filing for an extension with TurboTax while holding cryptocurrency investments requires careful consideration. Cryptocurrency transactions can have tax implications, and it's essential to accurately report your gains or losses. TurboTax offers guidance on how to report your crypto investments and provides specific forms to help you with the process. Make sure to keep track of your transactions and consult with a tax professional if you're unsure about any aspect of your tax filing. By being diligent and following the guidelines, you can ensure a smooth tax filing experience.
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