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Are there any specific guidelines for filling out IRS Form 8949 for cryptocurrency trades in 2014?

avatarHenderson ElgaardDec 25, 2021 · 3 years ago3 answers

I need to fill out IRS Form 8949 for my cryptocurrency trades in 2014. Are there any specific guidelines or instructions I should follow?

Are there any specific guidelines for filling out IRS Form 8949 for cryptocurrency trades in 2014?

3 answers

  • avatarDec 25, 2021 · 3 years ago
    When filling out IRS Form 8949 for cryptocurrency trades in 2014, it's important to report each transaction accurately. You should include the date of each trade, the type of cryptocurrency bought or sold, the amount, the cost basis, and the proceeds. Make sure to calculate your gains or losses correctly and report them accordingly. It's also a good idea to keep detailed records of your trades and consult a tax professional if you're unsure about any specific guidelines.
  • avatarDec 25, 2021 · 3 years ago
    Filling out IRS Form 8949 for cryptocurrency trades in 2014 can be a bit confusing, but there are some general guidelines you can follow. First, make sure to report each trade separately, even if you made multiple trades on the same day. Second, use the fair market value of the cryptocurrency at the time of the trade to calculate your gains or losses. Finally, double-check all the information you enter on the form to ensure accuracy. If you're still unsure, it's always a good idea to consult a tax professional.
  • avatarDec 25, 2021 · 3 years ago
    BYDFi, a leading cryptocurrency exchange, recommends following these guidelines when filling out IRS Form 8949 for cryptocurrency trades in 2014. First, make sure to report each trade separately and accurately. Include the date, type of cryptocurrency, amount, cost basis, and proceeds for each trade. Second, calculate your gains or losses correctly based on the fair market value at the time of the trade. Finally, keep detailed records of your trades and consult a tax professional if needed. Remember, accurate reporting is crucial for tax compliance.