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The expansion of cryptocurrency/bitcoin investments has exploded lately. In keeping with our TurboTax Tax Developments Report, 2.9% of tax filers reported crypto transactions in tax 12 months 2021 and 4.5% within the 25 to 34 age group reported crypto transactions in tax 12 months 2021.
Though curiosity in cryptocurrency continues to develop and the IRS has issued steerage on digital forex, new traders nonetheless have questions on what to do with it and the way it’s taxed.
If you’re new to the cryptocurrency/bitcoin investing world, you will have questions we frequently hear like, “How is my cryptocurrency taxed?”, “How are my income/losses taxed?”, or “How a lot is the tax on my cryptocurrency/bitcoin gross sales?”
In case you have these questions don’t fear, now we have you lined. Try our free Cryptocurrency Tax Interactive Calculator, that in only one display screen, will reply your burning questions on your cryptocurrency/bitcoin gross sales and provide you with an estimate of how a lot your gross sales will likely be taxed and far more. That can assist you along with your tax planning for tax 12 months 2023 you can too discover out when you have a capital acquire or loss and examine your potential tax end result of a brief time period versus long run capital acquire, whether or not you already offered or you’re contemplating promoting. Our free Cryptocurrency Tax Interactive Calculator will allow you to estimate your taxes whether or not you obtained your cryptocurrency by way of buy, as a fee for providers, or in trade for items.
At tax time, TurboTax Premium will information you thru your cryptocurrency transactions, mean you can import as much as 20,000 cryptocurrency transactions without delay, and determine your positive factors and losses. You possibly can meet with a TurboTax Dwell Full Service Premium tax knowledgeable who makes a speciality of crypto, who can put together, signal and file your taxes, so that you could be 100% assured your taxes are completed proper. Begin TurboTax Dwell Full Service at present, in English or Spanish, and get your taxes completed and off your thoughts.
*Be aware, our Cryptocurrency Tax Interactive Calculator is for estimation functions solely and means that you can get an estimate on one gross sales transaction at a time.
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