OMG tax time guys!!!
I have done turbo tax for the last 4 years. I love turbo tax and I have learnt a lot by preparing tax myself but this year will be a great challenge with turbo tax and cryptocurrency!!
I have previously interviewed a few CPA about tax with bitcoin and some say:
-“You need to have hire an accountant for your cryptocurrency trades…” ( well, this is not all true coz I can use bitcoin.tax to have all my trades uploaded in with no headache or spending extra hundreds of dollars to hire an accountant.)
– ” You need file as self employment business for crypto mining at home….” ( I am doing it. It is where you can write off tax!!!! Its a huge tax break with the initial mining cost for over a few years. I am all for this! So under my turbo tax, I file under “wages and expenses” –> “self employment income and expenses”.
– ” You need to report all the crypto earnings.” ( This means I need to report how much was it when I sold my crypto even I used Ethereum to buy Tron… I still need to report how much Ethereum was coz I sold it to buy another coin.) Thankfully, this was figured out in bitcoin.tax
I am totally overwhelmed and so I bought the “expert” feature on turbo tax so I can call them often to get my questions answered. Wish me good luck and I will post here on progress.