What information do I need to provide when filling out turbo tax form 8949 for my crypto trades?

3 answers

• Nov 26, 2021 · 3 years ago
  When filling out turbo tax form 8949 for your crypto trades, you will need to provide the following information: 1. Date of each trade: You need to provide the exact date when each trade took place. 2. Description of the property: This includes the name and type of the cryptocurrency you traded. 3. Cost basis: You must provide the cost basis of each trade, which is the original purchase price of the cryptocurrency. 4. Proceeds: This is the amount you received from selling or exchanging the cryptocurrency. 5. Gain or loss: Calculate the gain or loss for each trade by subtracting the cost basis from the proceeds. 6. Any additional fees or expenses: If you incurred any fees or expenses related to the trades, make sure to include them. Remember to keep accurate records of your trades and consult a tax professional if you have any doubts or questions.
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• Nov 26, 2021 · 3 years ago
  When you fill out turbo tax form 8949 for your crypto trades, you'll need to provide specific information to accurately report your transactions. This includes the date of each trade, a description of the cryptocurrency you traded, the cost basis of each trade, the proceeds from selling or exchanging the cryptocurrency, and the gain or loss for each trade. Additionally, you should include any fees or expenses related to the trades. It's important to keep detailed records of your crypto transactions and consult with a tax professional if needed.
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• Nov 26, 2021 · 3 years ago
  To properly fill out turbo tax form 8949 for your crypto trades, you'll need to provide certain information. This includes the date of each trade, a description of the cryptocurrency involved, the cost basis of each trade, the proceeds from the trades, and the resulting gain or loss. It's crucial to accurately report your crypto transactions to ensure compliance with tax regulations. If you need assistance, consider consulting a tax professional or using tax software like BYDFi to help streamline the process.
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