I have a crypto wallet. I have about 21 trades, all short term and all
BTC (bitcoin). Is there a way to just say VARIOUS, enter total
COST/SALES/GAIN OR LOSS.
These are small amounts, maybe $100 total gain/loss.

Unsure of where I put this information

Mel

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On Saturday, January 14, 2023 at 5:07:33 PM UTC-5, MZB wrote:

I have a crypto wallet. I have about 21 trades, all short term and all
BTC (bitcoin). Is there a way to just say VARIOUS, enter total COST/SALES/GAIN OR LOSS.
These are small amounts, maybe $100 total gain/loss.

Unsure of where I put this information

Mel

--

Yes, but not the way you want to do it. If you can create a spreadsheet with the trade information in the same format as Form 8949, you can attach it to your return and enter the summary informatino on one line. See Exception 2 on page 4 of the
instructions for Form 8949.

Ira Smilovitz, EA
Leonia, NJ

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

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On 1/15/2023 8:25 AM, ira smilovitz wrote:

On Saturday, January 14, 2023 at 5:07:33 PM UTC-5, MZB wrote:

I have a crypto wallet. I have about 21 trades, all short term and all
BTC (bitcoin). Is there a way to just say VARIOUS, enter total
COST/SALES/GAIN OR LOSS.
These are small amounts, maybe $100 total gain/loss.

Unsure of where I put this information

Mel

--

Yes, but not the way you want to do it. If you can create a spreadsheet with the trade information in the same format as Form 8949, you can attach it to your return and enter the summary informatino on one line. See Exception 2 on page 4 of the

instructions for Form 8949.y

Ira Smilovitz, EA
Leonia, NJ

Stu:

Thanks. Here's what I did--not sure if this does it. I use TT to do my
taxes.I entered all the transactions in Quicken. I then imported that information into TT (I think it comes from a .txf file. The seemed to
import into an 8949. Would this work? What bugs me is: this is like buying/selling stocks but I thought BTC is treated differently (like
property, but same result at least for short term)

Mel

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)

On Monday, January 16, 2023 at 10:44:09 AM UTC-5, MZB wrote:

On 1/15/2023 8:25 AM, ira smilovitz wrote:

On Saturday, January 14, 2023 at 5:07:33 PM UTC-5, MZB wrote:

I have a crypto wallet. I have about 21 trades, all short term and all
BTC (bitcoin). Is there a way to just say VARIOUS, enter total
COST/SALES/GAIN OR LOSS.
These are small amounts, maybe $100 total gain/loss.

Unsure of where I put this information

Mel

--

Yes, but not the way you want to do it. If you can create a spreadsheet with the trade information in the same format as Form 8949, you can attach it to your return and enter the summary informatino on one line. See Exception 2 on page 4 of the

instructions for Form 8949.y

Ira Smilovitz, EA
Leonia, NJ

Stu:

Thanks. Here's what I did--not sure if this does it. I use TT to do my taxes.I entered all the transactions in Quicken. I then imported that information into TT (I think it comes from a .txf file. The seemed to
import into an 8949. Would this work? What bugs me is: this is like buying/selling stocks but I thought BTC is treated differently (like property, but same result at least for short term)

Mel
--

It is treated like property, not stocks. However, the difference between the two is that crypto is not subject to wash sale rules. Otherwise, reporting is the same. You generally report crypto transactions on Form 8949. (There are some exceptions.)

Ira Smilovitz, EA
Leonia, NJ

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)