How can I ensure that my turbotax software from last year accurately calculates my cryptocurrency gains and losses?

3 answers

• May 06, 2022 · 3 years ago
  One way to ensure that your turbotax software accurately calculates your cryptocurrency gains and losses is to double-check the data you entered. Make sure that you have entered all your transactions correctly, including the buy and sell prices, dates, and any fees involved. Additionally, you can compare the calculations made by turbotax with your own calculations or consult a tax professional to verify the accuracy of the software's calculations. It's always a good idea to keep records of your cryptocurrency transactions and consult with a tax professional to ensure compliance with tax regulations.
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• May 06, 2022 · 3 years ago
  To ensure the accuracy of your cryptocurrency gains and losses calculations in turbotax, you can also use other tax software or online tools to cross-reference the results. Some popular options include CoinTracking, CryptoTrader.Tax, and Bitcoin.Tax. These tools can import your transaction history and generate tax reports that you can compare with the results from turbotax. By using multiple sources, you can have more confidence in the accuracy of your tax calculations.
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• May 06, 2022 · 3 years ago
  At BYDFi, we understand the importance of accurately calculating cryptocurrency gains and losses for tax purposes. While we cannot directly comment on the accuracy of turbotax software, we recommend following best practices to ensure accurate calculations. This includes keeping detailed records of your cryptocurrency transactions, consulting with tax professionals, and cross-referencing the results with other reliable tax software or tools. It's always better to be cautious and double-check your calculations to avoid any potential issues with the IRS.
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