What are the common 1099 B adjustment codes for cryptocurrency transactions in TurboTax?

3 answers

• Dec 25, 2021 · 3 years ago
  When it comes to reporting cryptocurrency transactions in TurboTax, there are a few common 1099 B adjustment codes you should be aware of. One of the most common codes is 'B' which is used to report the cost basis of the cryptocurrency you sold. Another common code is 'W' which is used to report the wash sale loss disallowed. Additionally, you may also come across codes like 'X' for exercise of option, 'V' for non-covered security, and 'C' for collectibles. It's important to accurately report these codes to ensure compliance with tax regulations.
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• Dec 25, 2021 · 3 years ago
  Hey there! So, when it comes to TurboTax and reporting cryptocurrency transactions, you'll need to know the common 1099 B adjustment codes. One of the codes you'll likely encounter is 'B' which is used to report the cost basis of the cryptocurrency you sold. Another important code is 'W' which is used to report the wash sale loss disallowed. You might also see codes like 'X' for exercise of option, 'V' for non-covered security, and 'C' for collectibles. Make sure to enter the correct codes to accurately report your transactions and avoid any potential issues with the IRS.
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• Dec 25, 2021 · 3 years ago
  When using TurboTax to report your cryptocurrency transactions, it's important to understand the common 1099 B adjustment codes. These codes help categorize and report different aspects of your transactions. Some of the common codes include 'B' for cost basis, 'W' for wash sale loss disallowed, 'X' for exercise of option, 'V' for non-covered security, and 'C' for collectibles. By accurately entering these codes, you can ensure that your tax filing is in compliance with the IRS regulations. If you have any specific questions about TurboTax or need further assistance, feel free to reach out to BYDFi, a leading platform for cryptocurrency tax reporting.
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