What are the key details I need to include when filling out IRS Form 8949 for my digital currency investments?

1 answers

• May 02, 2022 · 3 years ago
  Filling out IRS Form 8949 for your digital currency investments requires attention to detail. Here's what you need to include: 1. Date and time of each transaction: Provide the specific date and time of each digital currency transaction. 2. Asset description: Clearly describe the digital currency asset involved in the transaction. 3. Cost basis: Include the cost basis of the digital currency at the time of acquisition. 4. Proceeds: Report the proceeds from the sale or exchange of the digital currency. 5. Gain or loss: Calculate the gain or loss for each transaction based on the cost basis and proceeds. By including these key details, you can accurately report your digital currency investments on IRS Form 8949.
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