How do I report cryptocurrency transactions in TurboTax?

3 answers

• Dec 29, 2021 · 3 years ago
  Sure thing! Reporting cryptocurrency transactions in TurboTax is not as complicated as it may seem. You have two options: manually enter the details or import the transaction history. If you choose to enter the details manually, you'll need to provide the date of each transaction, the type of transaction (buy, sell, or trade), the amount in USD, and any associated fees. If you prefer to import the transaction history, you can use a compatible cryptocurrency tax software to generate a TurboTax-friendly file, such as a CSV or TXF file, and then import it into TurboTax. Just make sure to review the imported data for accuracy.
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• Dec 29, 2021 · 3 years ago
  No worries! TurboTax has made it easy to report cryptocurrency transactions. You can manually enter the details by going to the section for investment income and selecting the option for cryptocurrency. TurboTax will guide you through the process and ask for the necessary information, such as the date, type, and amount of each transaction. Alternatively, you can import the transaction history using a compatible cryptocurrency tax software. Just export the transaction history as a CSV or TXF file and then import it into TurboTax. Remember to double-check the imported data to ensure accuracy.
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• Dec 29, 2021 · 3 years ago
  Absolutely! Reporting cryptocurrency transactions in TurboTax is a breeze. You can manually enter the transaction details by navigating to the investment income section and selecting the cryptocurrency option. TurboTax will prompt you to provide the necessary information, including the date, type, and amount of each transaction. If you prefer a more streamlined approach, you can use BYDFi's cryptocurrency tax software to generate a TurboTax-friendly file. Simply export your transaction history as a CSV or TXF file and import it into TurboTax. Don't forget to review the imported data for accuracy.
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