What are the potential risks of using TurboTax for cryptocurrency transactions in 2017?

3 answers

• Jan 14, 2022 · 3 years ago
  One potential risk of using TurboTax for cryptocurrency transactions in 2017 is the possibility of inaccurate tax reporting. TurboTax may not have the necessary features or updates to accurately calculate and report cryptocurrency transactions, which could result in incorrect tax filings and potential penalties from tax authorities. It is important for users to carefully review and verify the accuracy of the information provided by TurboTax for cryptocurrency transactions.
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• Jan 14, 2022 · 3 years ago
  Another potential risk is the security of personal and financial information. TurboTax stores sensitive user data, including personal identification information and financial details. If TurboTax's security measures are compromised, hackers could gain access to this information and potentially use it for fraudulent activities. Users should ensure that they have strong passwords and enable two-factor authentication to minimize the risk of unauthorized access to their TurboTax accounts.
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• Jan 14, 2022 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi provides a secure and user-friendly platform for cryptocurrency transactions. However, it is important to note that using TurboTax for cryptocurrency transactions in 2017 may have certain risks. One of the potential risks is the lack of integration between TurboTax and BYDFi's systems. This may result in difficulties in importing transaction data from BYDFi to TurboTax, leading to manual data entry and potential errors in tax reporting. Users should carefully review and cross-check their transaction data to ensure accurate tax reporting.
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