What is the difference between using turbotax and turbotax live for cryptocurrency taxes?

5 answers

• Dec 28, 2021 · 3 years ago
  Turbotax and Turbotax Live are both popular options for filing taxes, but they have some differences when it comes to cryptocurrency. With regular Turbotax, you can input your cryptocurrency transactions manually and calculate your gains or losses. It provides guidance and prompts to help you accurately report your crypto activities. On the other hand, Turbotax Live offers a more personalized experience. With Turbotax Live, you have access to a live CPA or Enrolled Agent who can provide real-time advice and review your return. This can be especially helpful if you have complex crypto transactions or need expert assistance.
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• Dec 28, 2021 · 3 years ago
  When it comes to cryptocurrency taxes, using Turbotax Live can be beneficial if you're unsure about how to report your crypto activities or if you have a large number of transactions. The live assistance from a CPA or Enrolled Agent can give you peace of mind and help ensure that your taxes are filed correctly. However, if you're comfortable with filing your own taxes and have a good understanding of cryptocurrency tax rules, regular Turbotax can be a cost-effective option.
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• Dec 28, 2021 · 3 years ago
  At BYDFi, we understand the importance of accurate tax reporting for cryptocurrency traders. While Turbotax and Turbotax Live are popular choices, we recommend considering your specific needs and level of expertise when deciding which option to use. It's always a good idea to consult with a tax professional or use a reputable tax software to ensure compliance with tax regulations and maximize your deductions.
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• Dec 28, 2021 · 3 years ago
  Using Turbotax or Turbotax Live for cryptocurrency taxes can make the process easier and more efficient. With the guidance and support provided by these platforms, you can ensure that your crypto transactions are properly reported and that you take advantage of any applicable deductions. Remember to keep detailed records of your cryptocurrency activities and consult with a tax professional if you have any specific questions or concerns.
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• Dec 28, 2021 · 3 years ago
  Turbotax and Turbotax Live are both great options for filing cryptocurrency taxes, but they cater to different needs. If you're confident in your ability to accurately report your crypto transactions and don't require live assistance, regular Turbotax can be a suitable choice. However, if you prefer the peace of mind that comes with expert guidance and real-time support, Turbotax Live may be worth considering. Ultimately, the choice depends on your comfort level and the complexity of your cryptocurrency activities.
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