Cryptocurrencies had a monumental year in 2021 and is showing no signs of slowing down. Cheddar breaks down everything you need to know this tax season if you are investing in crypto.

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Tips for Filing Taxes While Investing in Cryptocurrency

this segment is brought to you by intuit TurboTax live into a TurboTax live experts are ready to help you with your unique tax situations and get you the best tax outcome the tax season is underway and we're all eager to see what our tax refunds may look like. Some people like to put that money towards savings while others use it to pay off debt debt or create an emergency fund. This can help to create financial freedom for yourself in the long run. But one option you may not have thought of with your tax return is reinvesting your refund into crypto. Crypto currency had a monumental year in 2021 is showing no signs of slowing down. In fact, the study by grayscale investments found that more than half of Bitcoin investors began investing in the crypto market within the last year according to crypto payments company Triple A. There are over 300 million crypto users around the globe with India the U. S. And Nigeria leading the way in the number of users and there are no signs of this currency slowing down. That's for sure. Trading platform, crypto.com estimates that one billion people will invest in cryptocurrencies by the end of 2022. So if you want to get in on the action or if you want to step up your crypto investments, you may want to consider using your tax return to invest in digital currency. And if you are on the newer side of being a Cryptocurrency investor, You might have a lot of questions about it. Like how is my crypto tax or how our profits tax? Well, to answer these questions, and more, TurboTax has a crypto tax calculator on its site, so you can find out exactly how your crypto trades might impact your taxes into a TurboTax. Live experts can answer all of your tax questions or even take care of the whole filing process for you. You do your thing, They've got your taxes.