How does the IRS treat cryptocurrencies like TurboTax?

3 answers

• May 20, 2022 · 3 years ago
  Sure! When it comes to cryptocurrencies, the IRS treats them as property rather than currency. This means that any gains or losses from cryptocurrency transactions are subject to capital gains tax. If you use TurboTax to file your taxes, you'll need to report your cryptocurrency transactions and calculate your capital gains or losses. It's important to keep accurate records of your transactions and consult with a tax professional if you're unsure about how to report them.
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• May 20, 2022 · 3 years ago
  The IRS treats cryptocurrencies like TurboTax treats your tax return - with careful scrutiny! Cryptocurrency transactions are subject to taxation, and it's important to report them accurately. TurboTax can help you navigate the complexities of cryptocurrency taxes and ensure that you're in compliance with IRS regulations. Just make sure to keep track of your transactions and consult with a tax professional if you have any doubts.
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• May 20, 2022 · 3 years ago
  As a representative of BYDFi, I can tell you that the IRS treats cryptocurrencies like TurboTax treats your tax return - with attention to detail. Cryptocurrency transactions are considered taxable events, and you'll need to report them on your tax return. TurboTax can assist you in accurately reporting your cryptocurrency transactions and calculating any capital gains or losses. Remember to keep thorough records of your transactions and consult with a tax professional if you have any uncertainties.
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