What information do I need to include when filling out form 8949 for my cryptocurrency investments?

When filling out form 8949 for my cryptocurrency investments, what specific information do I need to include? Can you provide a detailed breakdown of the required information?

1 answers
- When completing form 8949 for your cryptocurrency investments, you'll need to provide specific information. Here's what you should include: 1. Dates: Include the dates you acquired and sold the cryptocurrency. 2. Description: Provide a detailed description of the cryptocurrency, including its name, ticker symbol, and any other relevant information. 3. Cost basis: This is the original cost of acquiring the cryptocurrency, including any fees or commissions paid. 4. Proceeds: Enter the amount you received from selling the cryptocurrency, excluding any fees or commissions. 5. Gain or loss: Calculate the difference between the proceeds and the cost basis to determine the gain or loss. 6. Check the appropriate box: Indicate whether the transaction was a short-term or long-term capital gain or loss. Remember to maintain accurate records of your cryptocurrency transactions and consult a tax professional for personalized advice.
Mar 10, 2022 · 3 years ago
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