TurboTax Tips: Taxes and Cryptocurrencies

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The IRS put guidance out in 2019 stating that cryptocurrency is taxable, so make sure you include them on your 2020 tax returns. 

But, know that the way you use it is how it's taxed. If you hold it as a capital investment and then sell it, it would be taxed as a capital gain or loss just as if you sold stock. If you're paid in crypto on your W-2, it will be considered taxable income. 

In this video, learn more about everything you need to know related to taxes and cryptocurrencies from CPA and TurboTax  (INTU) - Get Intuit Inc. (INTU) Report expert Lisa Greene-Lewis. 

More last minute tax tips from our sponsor TurboTax below:

Editor's Note: This video was shot on Apr. 16. As of May 12, Tesla is no longer accepting Bitcoin for the purchase of a Tesla vehicle.

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