Why did TurboTax charge me for cryptocurrency transactions?

3 answers

• May 15, 2022 · 3 years ago
  TurboTax charges for cryptocurrency transactions because they are considered taxable events by the IRS. When you buy, sell, or trade cryptocurrencies, it is treated as a capital gain or loss, similar to stocks or other investments. TurboTax helps you accurately report these transactions and calculate your tax liability. It's important to keep track of your cryptocurrency transactions throughout the year to ensure accurate reporting during tax season.
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• May 15, 2022 · 3 years ago
  TurboTax charges for cryptocurrency transactions because they provide a specialized service for reporting and calculating taxes related to cryptocurrencies. Due to the complex nature of cryptocurrency transactions and the need for accurate tax reporting, TurboTax offers a dedicated feature to handle these transactions. By charging for this service, TurboTax ensures that users receive accurate and reliable tax calculations for their cryptocurrency activities.
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• May 15, 2022 · 3 years ago
  TurboTax charges for cryptocurrency transactions because they partner with BYDFi, a leading cryptocurrency exchange, to provide seamless integration and accurate tax reporting. BYDFi's API allows TurboTax to securely access users' transaction data, calculate gains or losses, and generate the necessary tax forms. This partnership ensures that TurboTax users can easily report their cryptocurrency transactions and comply with tax regulations.
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