What steps should I take if the cost basis on my digital currency trades is not reported on a 1099-B?

5 answers

• Mykola DotsenkoMay 06, 2021 · 4 years ago
  If the cost basis on your digital currency trades is not reported on a 1099-B, it is important to take the necessary steps to accurately calculate and report it. One option is to gather all the relevant information, such as the date of acquisition, purchase price, and transaction fees, for each trade. You can then use this information to calculate the cost basis for each trade. It is recommended to consult with a tax professional or use a reputable tax software to ensure accuracy in your calculations. Once you have calculated the cost basis for all your trades, you can report it on your tax return using the appropriate forms and schedules.
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• New_HopeOct 04, 2023 · 2 years ago
  Don't panic if the cost basis on your digital currency trades is not reported on a 1099-B. You can still take steps to accurately calculate and report it. Start by gathering all the necessary information for each trade, including the date, purchase price, and any transaction fees. With this information, you can calculate the cost basis for each trade. If you're not comfortable doing this on your own, consider seeking assistance from a tax professional who is familiar with digital currency taxation. They can help ensure that you report your cost basis correctly and minimize any potential tax liabilities.
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• Radosław M. ŚcisłoMay 28, 2024 · a year ago
  As an expert in digital currency trading, I understand the importance of accurately reporting the cost basis on your trades. If the cost basis is not reported on a 1099-B, you should take the necessary steps to calculate it yourself. Gather all the relevant information for each trade, including the date, purchase price, and any fees. Use this information to determine the cost basis for each trade. If you're unsure about the calculations or need assistance, consider using tax software specifically designed for digital currency traders. Remember, accurately reporting your cost basis is crucial for complying with tax regulations and avoiding any potential penalties.
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• Kuldeep KumarJan 04, 2021 · 5 years ago
  Calculating the cost basis on your digital currency trades when it is not reported on a 1099-B can be a bit challenging. However, there are steps you can take to ensure accuracy. Start by gathering all the necessary information for each trade, such as the date, purchase price, and fees. Next, use a reliable method or software to calculate the cost basis for each trade. It's important to be meticulous and keep detailed records of your calculations. If you're unsure about the process, consider consulting with a tax professional who has experience with digital currency taxation. They can guide you through the steps and help you report your cost basis correctly.
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• Sabrina CookJul 09, 2020 · 5 years ago
  At BYDFi, we understand the importance of accurately reporting the cost basis on your digital currency trades. If the cost basis is not reported on a 1099-B, you should take the necessary steps to calculate it yourself. Gather all the relevant information for each trade, including the date, purchase price, and any fees. Use this information to determine the cost basis for each trade. If you're unsure about the calculations or need assistance, consider using tax software specifically designed for digital currency traders. Remember, accurately reporting your cost basis is crucial for complying with tax regulations and avoiding any potential penalties.
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