Are there any specific codes on form 8949 for reporting cryptocurrency transactions?

5 answers

• HASSAN RIZWANApr 03, 2021 · 4 years ago
  When reporting cryptocurrency transactions on form 8949, you need to fill in the appropriate codes to accurately report your gains or losses. The specific codes that need to be used depend on the type of transaction you are reporting. For example, if you sold cryptocurrency, you would use code A for short-term transactions and code D for long-term transactions. If you exchanged one cryptocurrency for another, you would use code B. It's important to carefully review the instructions provided with form 8949 to ensure you are using the correct codes for your specific transactions.
  584

  292
• Dhruv AnghanJun 29, 2023 · 2 years ago
  Form 8949 is used to report capital gains and losses from various types of investments, including cryptocurrency. The IRS has not provided specific codes for cryptocurrency transactions on form 8949. Instead, you should use the general codes provided for reporting other types of investments. For example, you can use code A for short-term transactions and code D for long-term transactions. It's important to accurately report your cryptocurrency transactions to comply with tax regulations.
  492

  164
• ADHARSH CNov 07, 2023 · 2 years ago
  As a representative from BYDFi, I can confirm that form 8949 does not have specific codes for reporting cryptocurrency transactions. However, you can use the general codes provided for reporting other types of investments. It's important to accurately report your cryptocurrency transactions to comply with tax regulations and avoid any potential penalties or audits. If you have any specific questions about reporting cryptocurrency transactions, I recommend consulting a tax professional.
  490

  123
• Nagaraju PreethamMar 01, 2025 · 5 months ago
  Reporting cryptocurrency transactions on form 8949 can be a bit confusing, but don't worry, I'm here to help! The specific codes you need to fill in depend on the type of transaction you are reporting. For example, if you sold cryptocurrency within one year of acquiring it, you would use code A. If you held the cryptocurrency for more than one year before selling, you would use code D. If you exchanged one cryptocurrency for another, you would use code B. Make sure to carefully review the instructions provided with form 8949 to ensure you are using the correct codes for your transactions.
  595

  119
• MarcosFernandezDec 31, 2024 · 7 months ago
  Form 8949 is used to report capital gains and losses from various types of investments, including cryptocurrency. While there are no specific codes for cryptocurrency transactions, you can use the general codes provided for reporting other types of investments. It's important to accurately report your cryptocurrency transactions to comply with tax regulations and avoid any potential penalties. If you're unsure about which codes to use, I recommend consulting a tax professional for guidance.
  495

  83