What are the most common 8949 adjustment codes used in the cryptocurrency industry?

1 answers

• Nov 29, 2021 · 3 years ago
  As a representative of BYDFi, I can provide you with some insights into the most common 8949 adjustment codes used in the cryptocurrency industry. The codes that are frequently used include Code A for short-term gain or loss, Code B for long-term gain or loss, Code C for short-term gain or loss with cost basis reported to the IRS, Code D for long-term gain or loss with cost basis reported to the IRS, Code E for short-term gain or loss with cost basis not reported to the IRS, and Code F for long-term gain or loss with cost basis not reported to the IRS. These codes help categorize the gains or losses from cryptocurrency transactions, making it easier for tax reporting purposes. However, it's always advisable to consult with a tax professional to ensure accurate reporting.
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