How To Report Crypto on TurboTax?

As per the IRS, cryptocurrency is considered property. There are no taxes on cryptocurrency transactions when investing through tax-deferred or non-taxable accounts like IRAs and Roth IRAs. However, if you buy, sell or exchange cryptocurrency, it is necessary to pay crypto taxes. Reporting your crypto activity needs form 1040 schedule D. Additionally, you need to report your total capital gain or loss on your form 1040, line 7.

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