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Turbo Tax- crypto currency question?
Posted on 2/2/21 at 5:41 pm
Posted on 2/2/21 at 5:41 pm
Was starting my taxes using online TT and noticed a new question this year. Asked if I purchased or fealty with crypto currency this year. Of course I haven’t, but it was an interesting question from our FedGov. Not sure what any follow up questions were but I found it interesting
6
Posted on 2/2/21 at 5:45 pm to ehidal1
Anybody that thinks that the Governments won't get their hands in Crypto is naïve. I think Germany is already making a move...based on 'criminal money laundering'.
The 'House' will get it's cut of every hand.
The 'House' will get it's cut of every hand.
Posted on 2/2/21 at 5:46 pm to ehidal1
My CPA asked this last year.
Posted on 2/2/21 at 6:20 pm to ehidal1
It's in the H&R Block tax program as well.
Government thieves don't like competition.
Government thieves don't like competition.
Posted on 2/2/21 at 6:29 pm to ehidal1
You can be taxed on income earned from cryptos. Is that part a surprise? 
Posted on 2/2/21 at 6:53 pm to Mo Jeaux
You have to track your gains and pay taxes on realized gains from crypto. Now if they ask if you bought products using crypto, that would be interesting.
Is that the question that was asked, "If you used crypto to buy products?"
Is that the question that was asked, "If you used crypto to buy products?"
Posted on 2/2/21 at 7:14 pm to ehidal1
Keep your pie hole shut. Isn't that one of the advantages of crypto?
Posted on 2/2/21 at 8:32 pm to armsdealer
quote:
Keep your pie hole shut. Isn't that one of the advantages of crypto?
If it is, it won’t be for long. Crypto, by design, is a very traceable currency. Every transaction is recorded in the ledger. The Fed is working to increase financial surveillance by requiring crypto currency exchanges to collect identity data.
Posted on 2/2/21 at 9:46 pm to jp4lsu
quote:
Now if they ask if you bought products using crypto, that would be interesting.
IRS has ruled that cryptocurrency is actually not "currency" in terms of the tax code.
So if you bought Bitcoin for $10,000, and then used that same Bitcoin to buy a $25,000 car, you have a $15,000 taxable gain.
Posted on 2/2/21 at 9:48 pm to ehidal1
I don't use Turbotax but that question had been on Schedule 1 for three years, I think.
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