What is the IRS form 8949 code H for cryptocurrency transactions?

3 answers

• BudSpencerJun 07, 2021 · 4 years ago
  IRS form 8949 code H is used to report cryptocurrency transactions that involve a like-kind exchange. This code is specifically for reporting transactions where you exchanged one type of cryptocurrency for another similar type. It's important to note that starting from the 2018 tax year, like-kind exchanges are no longer allowed for cryptocurrencies, so this code may not be relevant anymore. However, it's always best to consult with a tax professional to ensure compliance with the latest IRS regulations.
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• Priyanka SuriyamoorthyJan 01, 2021 · 5 years ago
  IRS form 8949 code H is used when you have engaged in a like-kind exchange of cryptocurrencies. This means that you have exchanged one cryptocurrency for another without cashing out to fiat currency. The purpose of this form is to report the details of such transactions to the IRS for tax purposes. It's important to accurately report all cryptocurrency transactions to ensure compliance with tax regulations and avoid any potential penalties or audits.
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• kohadaMay 14, 2023 · 2 years ago
  BYDFi does not provide tax advice, but I can provide some general information. IRS form 8949 code H is used to report like-kind exchanges of cryptocurrencies. This means that if you have exchanged one cryptocurrency for another similar type, you would use this code to report the transaction. However, it's important to note that the IRS has clarified that starting from the 2018 tax year, like-kind exchanges are only applicable to real property, and not to cryptocurrencies. Therefore, it's recommended to consult with a tax professional to understand the latest IRS regulations and properly report your cryptocurrency transactions.
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