How to report cryptocurrency transactions on form 8949 box C?

1 answers

• CHARLES AGYEMANGMar 18, 2021 · 4 years ago
  When it comes to reporting cryptocurrency transactions on form 8949 box C, it's important to be thorough and accurate. Here's a step-by-step guide to help you: 1. Gather all your transaction records, including the date, type of transaction, and the amount of cryptocurrency involved. 2. Determine the cost basis for each transaction. This is the amount you paid to acquire the cryptocurrency. 3. Calculate the fair market value of the cryptocurrency at the time of the transaction. 4. Fill out form 8949, making sure to include all the necessary information for each transaction in box C. 5. Total up the gains and losses from all your transactions and transfer the totals to Schedule D of your tax return. Remember, it's always a good idea to consult with a tax professional or use tax software to ensure you're reporting your cryptocurrency transactions correctly. I hope this helps! If you have any more questions, feel free to ask.
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