Taxes

[Andy Marks]

Hi.  

How is cryptocurrency taxed by the IRS and how is it done via TurboTax?

[GCEA]

Hi @Andy Marks ,

The IRS treats Cryptocurrency as property. That means that when buy, sell or exchange, it will result in a short or long term capital gain/loss. 

Turbotax will guide on how to enter your crypto investment income. It is important you have the cost basis for your Crypto investments and to report any mining activity, when you receive crypto for goods or services, and/or if you exchange one type of Cryptocurrency for another. 

For more detailed information regarding Cryptocurrency and its related activities go to :

Your Crypto Tax Guide