What are the best practices for reporting adjusted cost basis for cryptocurrency on TurboTax?

3 answers

• Hamza Hasan ZiaJun 04, 2022 · 3 years ago
  When reporting the adjusted cost basis for cryptocurrency on TurboTax, it's important to accurately calculate the cost basis of each transaction. This can be done by keeping track of the purchase price, transaction fees, and any other costs associated with acquiring the cryptocurrency. TurboTax provides a section specifically for reporting cryptocurrency transactions, where you can enter the details of each transaction and calculate the adjusted cost basis automatically.
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• RominaroundApr 10, 2021 · 4 years ago
  To report the adjusted cost basis for cryptocurrency on TurboTax, you can use a cryptocurrency tax software or a crypto tax calculator to calculate the cost basis. These tools can help you track your transactions, calculate gains and losses, and generate the necessary tax forms for reporting. Make sure to review the calculations before entering the data into TurboTax to ensure accuracy.
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• Ali GrichApr 14, 2022 · 3 years ago
  BYDFi is a digital currency exchange that offers a user-friendly interface for reporting cryptocurrency transactions on TurboTax. With BYDFi, you can easily import your transaction history and calculate the adjusted cost basis for each transaction. It also provides a comprehensive tax report that can be directly imported into TurboTax, saving you time and effort in reporting your cryptocurrency taxes.
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