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What are the best practices for reporting adjusted cost basis for cryptocurrency on TurboTax?

avatarRishab KumarDec 26, 2021 · 3 years ago3 answers

I need to report my cryptocurrency transactions on TurboTax, but I'm not sure how to calculate the adjusted cost basis. What are the recommended methods or best practices for reporting the adjusted cost basis for cryptocurrency on TurboTax?

What are the best practices for reporting adjusted cost basis for cryptocurrency on TurboTax?

3 answers

  • avatarDec 26, 2021 · 3 years ago
    When reporting the adjusted cost basis for cryptocurrency on TurboTax, it's important to accurately calculate the cost basis of each transaction. This can be done by keeping track of the purchase price, transaction fees, and any other costs associated with acquiring the cryptocurrency. TurboTax provides a section specifically for reporting cryptocurrency transactions, where you can enter the details of each transaction and calculate the adjusted cost basis automatically.
  • avatarDec 26, 2021 · 3 years ago
    To report the adjusted cost basis for cryptocurrency on TurboTax, you can use a cryptocurrency tax software or a crypto tax calculator to calculate the cost basis. These tools can help you track your transactions, calculate gains and losses, and generate the necessary tax forms for reporting. Make sure to review the calculations before entering the data into TurboTax to ensure accuracy.
  • avatarDec 26, 2021 · 3 years ago
    BYDFi is a digital currency exchange that offers a user-friendly interface for reporting cryptocurrency transactions on TurboTax. With BYDFi, you can easily import your transaction history and calculate the adjusted cost basis for each transaction. It also provides a comprehensive tax report that can be directly imported into TurboTax, saving you time and effort in reporting your cryptocurrency taxes.