According to TurboTax’s latest Tax Trend Report the percentage of filers reporting crypto transactions was highest among the 25-34 age group in tax year 2022, but has fallen across nearly all age groups with 2.34% of tax filers, including crypto transactions in their returns compared to just under 3% the prior year. The reduction in crypto values in 2022 may be correlated with the reduction in crypto sales reported. The decline in crypto values may have also led to losses when tax filers sold their crypto.
Whether you experienced gains or losses on your sale of your crypto or if you are new to the crypto investing world, you may have questions we often hear like, “How is my crypto taxed?”, “How are my profits/losses taxed?” or “How much is the tax on my crypto sales?”
If you have these questions, don’t worry; we have you covered. Check out our free Crypto Tax Interactive Calculator, that, in just one screen, can help answer your burning questions about your crypto sales and give you an estimate of how much your sales may be taxed and much more. To help you with your tax planning for tax year 2023, you can also estimate whether you have a capital gain or loss and compare your potential tax outcome of a short term versus long term capital gain, whether you already sold or you are considering selling. Our free Crypto Tax Interactive Calculator will help you estimate your tax impact whether you received your crypto through purchase, as a payment for services, or in exchange for goods.
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In addition, TurboTax Investor Center is a new, premier cryptocurrency* investment tax software solution that offers crypto tax and portfolio insights year round. It lets users know how their crypto transactions could affect their tax outcome, track their overall portfolio performance, and make smarter financial decisions to advance their goals. Take the guesswork out of your crypto taxes!
At tax time, TurboTax Premium will guide you through your crypto transactions, allow you to import up to 20,000 crypto transactions at once, and figure out your gains and losses. You can meet with a TurboTax Live Full Service tax expert who specializes in crypto, who can prepare, sign, and file your taxes so you can be 100% confident your taxes are done right.
Note: our Crypto Tax Interactive Calculator is for estimation purposes only and allows you to get an estimate on one sales transaction at a time. Excludes state taxes.
*TurboTax Investor Center is not a tax prep service or investment advisor. Tax estimates exclude missing transaction info and may vary based on your situation.
