The growth of cryptocurrency/Bitcoin investments continues to explode. According to a May 2021 survey, 51% of Americans who own cryptocurrency bought it for the first time within the last 12 months. Although interest in cryptocurrency continues to grow and IRS issued more guidance on virtual currency, new investors still have questions about what to do with it and how it is taxed.
If you are new to the cryptocurrency/Bitcoin investing world, you may have questions we often hear like, “How is my cryptocurrency taxed?”, “How are my profits taxed?”, or “How much is the tax on my cryptocurrency/Bitcoin sales?”
If you have these questions don’t worry we have you covered. Check out our free Cryptocurrency Tax Interactive Calculator, that in just one screen, will answer your burning questions about your cryptocurrency/Bitcoin sales and give you an estimate of how much your sales will be taxed and much more. To help you with your tax planning for tax year 2021 you can also find out if you have a capital gain or loss and compare your tax outcome of a short term versus long term capital gain, whether you already sold or you are considering selling. Our free cryptocurrency tax interactive will help you estimate your taxes on your sales whether you received your cryptocurrency through purchase, as a payment for services, or in exchange for goods.
At tax time, TurboTax Premier will guide you through your cryptocurrency transactions, allow you to automatically import up to 4,000 cryptocurrency transactions at once, and figure out your gains and losses. You can also connect live via one way video to a TurboTax Live Premier tax expert with an average 12 years experience to get your questions answered along the way and have your taxes reviewed. You can also fully hand over your taxes from start to finish to a TurboTax Live Premier tax expert all from the comfort of home.
*Note, our Cryptocurrency Tax Interactive Calculator is for estimation purposes only and allows you to get an estimate on one sales transaction at a time.
