Reporting your crypto transactions in TurboTax is a straightforward process. You will need to report the fair market value of your crypto on the date of the transaction. If you traded crypto for goods or services, you will need to report the fair market value of the crypto in U.S. dollars on the date of […]
How To File Bitcoin Taxes
The IRS released guidance in 2014 on how to treat bitcoin for tax purposes. The guidance states that bitcoin is to be treated as property, not currency, for federal tax purposes. This means that taxpayers who have received, sold, traded, or spent bitcoin during the year must report the transactions on their tax returns. The […]
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