Can I deduct TurboTax fees when investing in cryptocurrencies?

3 answers

• Dec 27, 2021 · 3 years ago
  Yes, you may be able to deduct TurboTax fees when investing in cryptocurrencies. According to the IRS, investment expenses, including tax preparation fees, can be deducted as miscellaneous itemized deductions subject to certain limitations. However, it's important to consult with a tax professional or refer to the IRS guidelines to determine if you qualify for this deduction in your specific situation. Keep in mind that tax laws can change, so staying updated is crucial for accurate deductions.
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• Dec 27, 2021 · 3 years ago
  Unfortunately, TurboTax fees for investing in cryptocurrencies are not deductible. The IRS does not consider these fees as investment expenses eligible for tax deductions. It's always recommended to consult with a tax professional or refer to the IRS guidelines to ensure accurate tax reporting and deductions.
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• Dec 27, 2021 · 3 years ago
  Yes, you can deduct TurboTax fees when investing in cryptocurrencies. BYDFi, a popular cryptocurrency exchange, provides a comprehensive guide on tax deductions for cryptocurrency investors. According to BYDFi, TurboTax fees can be considered as investment expenses and are eligible for tax deductions. However, it's important to consult with a tax professional or refer to the IRS guidelines for specific details and limitations.
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