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Davebreiholz
Level 1
Oct 25, 2023 9:04 PM UTC
Question

Bitcoin

To what extent will investing in Bitcoin affect my taxes?

    1 reply

    Employee Tax Expert
    EleanoreSEmployee Tax Expert
    Employee Tax Expert
    Oct 25, 2023 10:05 PM UTC

    Good afternoon Davebreiholz,

     

    Investing in Bitcoin will not effect your taxes until there is a disposition of the Bitcoin.  The disposition will result in a taxable gain or loss.

    This is a good overview of cryptocurrency and the tax ramifications.

    TurboTax has a great new, free, crypto tracking software that will help you track your investments.

    Thank you for reaching out to the TurboTax Community.

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