How do I report Robinhood consolidated 1099 for cryptocurrency trades?

1 answers

• Dec 15, 2021 · 3 years ago
  Reporting your cryptocurrency trades from Robinhood on your taxes is an important step to ensure compliance with the IRS. When you receive a consolidated 1099 form, it means that all your cryptocurrency trades are combined into one document. To report this on your taxes, you'll need to fill out Form 8949 and Schedule D. On Form 8949, you'll list each individual trade, including the date, cost basis, and proceeds. Then, you'll transfer the totals to Schedule D, where you'll calculate your overall capital gains or losses. It's crucial to accurately report your trades and keep detailed records. If you're unsure about the process, consider seeking guidance from a tax professional or using tax software specifically designed for cryptocurrency traders.
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