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Level 1
posted Nov 15, 2023 9:24:03 AM

Crypto

What steps do you take once you become a millionaire from crypto in the state of Georgia 

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2 Replies
Employee Tax Expert
Nov 15, 2023 9:38:25 AM

Hi @Amajette34 ,

 

Congratulations on your success from Crypto!  No matter if you are a simple investor or a millionaire please be sure to properly report you crypto transactions in your tax returns. 

 

For all of our Crypto Investors TurboTax recently launched our TurboTax Investor Center.  This crypto tax solution enables you to track and plan ways to reduce your taxable gain.  Other highlights include:

  • Tax Outcome Tracker
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Thank you for joining us today!

MelanieCPA

Employee Tax Expert
Nov 16, 2023 2:24:22 PM

Hi @Amajette34 ,

 

The Georgia state tax return starts with your Federal adjusted gross income (AGI).  Your Federal AGI includes your capital gains and losses (as allowed) from the sale of crypto.  From your Federal AGI, you are permitted certain state deductions and credits that may apply to you.  However,  there are no deductions or credits for crypto investment sales at this time.  Georgia does not tax capital gains differently than other income.

 

If this doesn't fully answer your question, please reply with more details so I can assist you!

 

Thank you,

MelanieCPA