What are the common issues with TurboTax when it comes to reporting digital currency transactions?

3 answers

• May 06, 2022 · 3 years ago
  One common issue with TurboTax when it comes to reporting digital currency transactions is the lack of specific guidance and support for cryptocurrency tax reporting. TurboTax may not have a dedicated section or forms specifically designed for reporting digital currency transactions, which can make it confusing for users who are new to cryptocurrency taxation. However, TurboTax does provide general guidance on how to report income from virtual currency transactions.
  470

  235
• May 06, 2022 · 3 years ago
  Another issue is the complexity of calculating gains and losses from digital currency transactions. TurboTax may not have built-in tools or features to automatically import transaction data from cryptocurrency exchanges, requiring users to manually enter each transaction. This can be time-consuming and prone to errors, especially for users with a large number of transactions. However, TurboTax does offer the option to import transaction data from certain cryptocurrency exchanges.
  484

  162
• May 06, 2022 · 3 years ago
  As a third-party tax software, BYDFi can help address some of the common issues with TurboTax when it comes to reporting digital currency transactions. BYDFi offers a user-friendly interface and seamless integration with popular cryptocurrency exchanges, making it easier for users to import and calculate their digital currency transactions. Additionally, BYDFi provides comprehensive tax reporting features specifically tailored for cryptocurrency users, ensuring accurate and compliant tax reporting.
  503

  126