Filing taxes as a cryptocurrency user can be very difficult. Thankfully, most tax software solutions tend to offer a helping hand.
In the case of TaxACT, however, this is not a free solution by any means.
TaxACT Doesn’t Handle Crypto Taxes too Well
One Reddit user claims how the the option to file crypto taxes costs an extra $75.
This is part of the deluxe upgrade of TaxACT, as it is not built in to the free version.
However, the user doesn’t seem too happy with the software itself.
More specifically, once making the payment, TaxACT doesn’t ask any specific questions regarding these holdings.
In fact, it doesn’t seem to make a difference as to whether users answer “yes” or “no” when asked if one ever bought crypto.
This makes one wonder why paying $75 is even necessary.
For others looking to file their taxes regarding crypto holdings, it may be best to avoid this particular software altogether.
There are numerous other options available on the market today.
Even the IRS’ own tool – which uses TurboTax -can be used by citizens making less than $66,000 in profit.
It is pertinent for tax software companies to incorporate crypto support at the core level.
After all, the number of people involved with these assets will only continue to increase.