Can i start on my 2017 taxes turbotax7/12/2023 Ordinary Income: If you earn cryptocurrency directly, you’ll recognize ordinary income based on the fair market value of your coins at the time you received them. Examples of cryptocurrency disposals include selling your cryptocurrency or trading your coins for another cryptocurrency. Remember, cryptocurrency is considered a form of property subject to capital gains and income tax.Ĭapital gains: If you dispose of your cryptocurrency, you incur a capital gain or loss. The basics of cryptocurrency taxesīefore we dive into how you can report your cryptocurrency trades on TurboTax, let’s review the basics of crypto taxation. In this guide, we break down the basics of cryptocurrency taxes and walk through the step-by-step process for crypto and bitcoin tax reporting within TurboTax-both online and desktop versions. To enable this functionality, the TurboTax team has partnered with CryptoTrader.Tax. TurboTax allows cryptocurrency users to report their cryptocurrency taxes directly within the TurboTax app.
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