I have a new client who I have not prepared a return for. He filed for an extension and has sent me his information. He has virtual currency transactions and I have not had to work with these before. 

I was assuming it would be treated like stock transactions. It seems there are fees when you buy it and fees when you sell it. Are these fees used to adjust basis? Client provided me a spreadsheet with his activity in each of the currencies. I was hoping he would have listed the Short Term and Long Term separately but he didn't. 

Before I get back with the client I wanted to be sure I was approaching this correctly. My concerns are how to treat the fees and how to report the sales. If I can get him to re-work his sheet to report Short Term and Long Term separately I think that would be helpful.  

Am I looking at this correctly or am I wrong.