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Davebreiholz
Level 1
October 25, 2023
Question

Bitcoin

  • October 25, 2023
  • 1 reply
  • 4 views

To what extent will investing in Bitcoin affect my taxes?

    1 reply

    E
    Employee Tax Expert
    EleanoreSEmployee Tax Expert
    Employee Tax Expert
    October 25, 2023

    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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