How does Turbo Tax calculate the cost of reporting cryptocurrency gains in 2017?

5 answers

• Mohamed RedaMar 07, 2021 · 4 years ago
  Turbo Tax calculates the cost of reporting cryptocurrency gains in 2017 by using the FIFO (First-In, First-Out) method. This means that the first cryptocurrencies you acquired are considered the first ones you sold or exchanged. They determine the cost basis by taking into account the purchase price of the cryptocurrencies and any associated fees. Turbo Tax then calculates the gains or losses based on the selling price at the time of the transaction. It's important to note that Turbo Tax only provides the calculations and reporting tools, and it's up to the user to input accurate information.
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• BgvnOct 25, 2021 · 4 years ago
  When it comes to reporting cryptocurrency gains in 2017, Turbo Tax follows the IRS guidelines. They use the FIFO method to determine the cost basis, which means that the first cryptocurrencies you acquired are considered the first ones you sold or exchanged. Turbo Tax takes into account the purchase price of the cryptocurrencies and any associated fees to calculate the cost basis. They also consider the selling price at the time of the transaction to determine the gains or losses. It's crucial to accurately input all the necessary information to ensure proper reporting.
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• Long SuJun 15, 2022 · 3 years ago
  As an expert in the field, I can tell you that Turbo Tax calculates the cost of reporting cryptocurrency gains in 2017 using the FIFO (First-In, First-Out) method. This method ensures that the oldest cryptocurrencies you acquired are considered the first ones you sold or exchanged. Turbo Tax takes into account the purchase price of the cryptocurrencies and any associated fees to determine the cost basis. They then calculate the gains or losses based on the selling price at the time of the transaction. It's important to accurately input all the relevant information to ensure accurate reporting.
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• Mohammed BallariOct 17, 2020 · 5 years ago
  Turbo Tax, like many other tax software programs, calculates the cost of reporting cryptocurrency gains in 2017 using the FIFO (First-In, First-Out) method. This method assumes that the first cryptocurrencies you acquired are the first ones you sold or exchanged. Turbo Tax considers the purchase price of the cryptocurrencies and any associated fees to determine the cost basis. They then calculate the gains or losses based on the selling price at the time of the transaction. It's crucial to provide accurate information to ensure proper reporting.
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• Ronald AbelJun 30, 2024 · a year ago
  BYDFi, a digital currency exchange, follows the same guidelines as Turbo Tax when it comes to calculating the cost of reporting cryptocurrency gains in 2017. They use the FIFO (First-In, First-Out) method to determine the cost basis. BYDFi takes into account the purchase price of the cryptocurrencies and any associated fees to calculate the cost basis. They then calculate the gains or losses based on the selling price at the time of the transaction. It's important to accurately input all the necessary information to ensure accurate reporting.
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