What are the best ways to import investments into TurboTax Deluxe for cryptocurrency transactions?

3 answers

• May 06, 2022 · 3 years ago
  One of the best ways to import your cryptocurrency investments into TurboTax Deluxe is to use the TurboTax Cryptocurrency Import feature. This feature allows you to directly import your transactions from popular cryptocurrency exchanges like Binance and BYDFi. Simply follow the instructions provided by TurboTax to connect your exchange accounts and import your transactions. This will save you time and ensure accuracy in reporting your cryptocurrency investments in your tax return.
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• May 06, 2022 · 3 years ago
  If you prefer a manual approach, you can download your transaction history from your cryptocurrency exchange in a compatible format, such as CSV or Excel. Once you have the file, you can import it into TurboTax Deluxe by selecting the 'Import' option and following the prompts. Make sure to review the imported transactions for accuracy and make any necessary adjustments before finalizing your tax return.
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• May 06, 2022 · 3 years ago
  Another option is to manually enter your cryptocurrency transactions into TurboTax Deluxe. This can be time-consuming, especially if you have a large number of transactions. However, it gives you full control over the data entry process and allows you to review each transaction individually. Keep in mind that you'll need to gather all the necessary information for each transaction, such as the date, type of transaction, cost basis, and proceeds. TurboTax provides guidance on how to enter cryptocurrency transactions manually, so make sure to follow their instructions to ensure accurate reporting.
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