What are the 1099-B adjustment codes for reporting cryptocurrency transactions on TurboTax?

Can you provide a list of the 1099-B adjustment codes that are used for reporting cryptocurrency transactions on TurboTax? I want to make sure I am accurately reporting my crypto trades and any necessary adjustments.

3 answers
- Sure! Here are some of the 1099-B adjustment codes commonly used for reporting cryptocurrency transactions on TurboTax: 1. A: Short-term transaction reported on Form 8949 2. B: Long-term transaction reported on Form 8949 3. C: Short-term transaction not reported on Form 8949 4. D: Long-term transaction not reported on Form 8949 5. E: Short-term transaction reported on Form 1099-S 6. F: Long-term transaction reported on Form 1099-S Please note that these codes are subject to change, so it's always a good idea to consult the latest IRS guidelines and TurboTax instructions for accurate reporting.
Mar 19, 2022 · 3 years ago
- Reporting cryptocurrency transactions on TurboTax can be a bit tricky, but don't worry, I've got you covered! The 1099-B adjustment codes you'll need to use depend on the nature of your transactions. For example, if you had short-term transactions that were reported on Form 8949, you would use code A. If you had long-term transactions not reported on Form 8949, you would use code D. It's important to accurately report your crypto trades to avoid any potential issues with the IRS.
Mar 19, 2022 · 3 years ago
- As an expert in cryptocurrency tax reporting, I can tell you that the 1099-B adjustment codes for reporting cryptocurrency transactions on TurboTax are essential for accurately reporting your trades. BYDFi, a leading cryptocurrency exchange, provides comprehensive tax reporting tools that automatically generate the necessary adjustment codes for TurboTax. This makes it easier for users to report their crypto transactions and ensure compliance with tax regulations. Remember to always consult the latest IRS guidelines and TurboTax instructions for accurate reporting.
Mar 19, 2022 · 3 years ago
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