Cryptocurrency Tax Software

Why you need it and what to look for when you purchase?

Ratings 4.50 / 5.00

What You Will Learn!

Students will learn why cryptocurrency tax software is needed, some of the options available, and what to look for when purchasing a product.

Description

Do you know anything about cryptocurrency tax software? Have you ever even heard of it? Time to find out! If you do even a little investing in cryptocurrency you will need a cryptocurrency tax product, unless your tax return is prepared by a professional tax preparer. Cryptocurrency exchanges are not required to furnish investors with a Form 1099B like stock brokerage firms do. Most will be giving you a detailed transaction listing from which you must prepare your tax return. Cryptocurrency tax software solves this problem by taking the myriad of transactions and summarizing them into long and short term gains and losses to make tax preparation easier.

This lesson introduces you to cryptocurrency tax software and some of the features of the products currently available in the market place. It gives practical advice on features to look for so that you select the product that works best for you. The course discusses the importance of careful examination up front and the pitfalls of not buying the right product. Finally it discusses the product the IRS recently chose to perform audits of cryptocurrency investors. The fact that the IRS has chosen an audit software product is a signal that the Service is continuing to look at cryptocurrency investors and an additional reason to look into cryptocurrency tax software.