What are the 1099-B adjustment codes for reporting cryptocurrency transactions on TurboTax?

3 answers

• Dec 24, 2021 · 3 years ago
  Sure! Here are some of the 1099-B adjustment codes commonly used for reporting cryptocurrency transactions on TurboTax: 1. A: Short-term transaction reported on Form 8949 2. B: Long-term transaction reported on Form 8949 3. C: Short-term transaction not reported on Form 8949 4. D: Long-term transaction not reported on Form 8949 5. E: Short-term transaction reported on Form 1099-S 6. F: Long-term transaction reported on Form 1099-S Please note that these codes are subject to change, so it's always a good idea to consult the latest IRS guidelines and TurboTax instructions for accurate reporting.
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• Dec 24, 2021 · 3 years ago
  Reporting cryptocurrency transactions on TurboTax can be a bit tricky, but don't worry, I've got you covered! The 1099-B adjustment codes you'll need to use depend on the nature of your transactions. For example, if you had short-term transactions that were reported on Form 8949, you would use code A. If you had long-term transactions not reported on Form 8949, you would use code D. It's important to accurately report your crypto trades to avoid any potential issues with the IRS.
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• Dec 24, 2021 · 3 years ago
  As an expert in cryptocurrency tax reporting, I can tell you that the 1099-B adjustment codes for reporting cryptocurrency transactions on TurboTax are essential for accurately reporting your trades. BYDFi, a leading cryptocurrency exchange, provides comprehensive tax reporting tools that automatically generate the necessary adjustment codes for TurboTax. This makes it easier for users to report their crypto transactions and ensure compliance with tax regulations. Remember to always consult the latest IRS guidelines and TurboTax instructions for accurate reporting.
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