Are there any specific tax forms or schedules in TurboTax Deluxe 2016 for reporting cryptocurrency gains and losses?

3 answers

• Jan 12, 2022 · 3 years ago
  Yes, when it comes to reporting cryptocurrency gains and losses in TurboTax Deluxe 2016, you'll need to use Form 8949 and Schedule D. These forms are used to report capital gains and losses from investments, including cryptocurrency. Make sure to accurately report your gains and losses, as failing to do so could result in penalties from the IRS.
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• Jan 12, 2022 · 3 years ago
  Reporting cryptocurrency gains and losses in TurboTax Deluxe 2016 is relatively straightforward. You'll need to use Form 8949 to report each individual transaction, including the date of the transaction, the amount of cryptocurrency bought or sold, the cost basis, and the proceeds. You'll then transfer the totals from Form 8949 to Schedule D, which calculates your overall capital gains or losses for the year.
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• Jan 12, 2022 · 3 years ago
  Yes, TurboTax Deluxe 2016 does have specific tax forms and schedules for reporting cryptocurrency gains and losses. However, please note that I am affiliated with BYDFi, a cryptocurrency exchange, and this information is based on my knowledge of tax reporting requirements. It's always a good idea to consult with a tax professional or use the guidance provided by TurboTax to ensure you're accurately reporting your cryptocurrency transactions.
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