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What are the adjustment codes for reporting cryptocurrency transactions on TurboTax form 8949?

avatarDon CamDec 26, 2021 · 3 years ago3 answers

Can you please provide a list of adjustment codes that are used for reporting cryptocurrency transactions on TurboTax form 8949? I want to make sure I am accurately reporting my transactions and any necessary adjustments.

What are the adjustment codes for reporting cryptocurrency transactions on TurboTax form 8949?

3 answers

  • avatarDec 26, 2021 · 3 years ago
    Sure! When reporting cryptocurrency transactions on TurboTax form 8949, you may need to use adjustment codes to accurately reflect any adjustments that need to be made. Some common adjustment codes include: 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 to the IRS 4. D - Long-term transaction not reported to the IRS 5. E - Short-term transaction with basis reported to the IRS 6. F - Long-term transaction with basis reported to the IRS These adjustment codes help categorize your transactions and ensure that they are reported correctly. It's important to consult the official IRS guidelines and instructions for TurboTax form 8949 to determine the appropriate adjustment codes for your specific transactions.
  • avatarDec 26, 2021 · 3 years ago
    No worries! When it comes to reporting cryptocurrency transactions on TurboTax form 8949, you'll need to use adjustment codes to accurately report any necessary adjustments. Here are a few adjustment codes that you might come across: 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 to the IRS 4. D - Long-term transaction not reported to the IRS 5. E - Short-term transaction with basis reported to the IRS 6. F - Long-term transaction with basis reported to the IRS Make sure to refer to the official IRS guidelines and instructions for TurboTax form 8949 to determine the appropriate adjustment codes for your specific transactions. Happy reporting!
  • avatarDec 26, 2021 · 3 years ago
    Certainly! When it comes to reporting cryptocurrency transactions on TurboTax form 8949, you'll need to use adjustment codes to accurately report any necessary adjustments. Here are a few adjustment codes that you should be aware of: 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 to the IRS 4. D - Long-term transaction not reported to the IRS 5. E - Short-term transaction with basis reported to the IRS 6. F - Long-term transaction with basis reported to the IRS Remember to consult the official IRS guidelines and instructions for TurboTax form 8949 to determine the appropriate adjustment codes for your specific transactions. If you have any further questions, feel free to ask!