CRS
Level 1
06-25-2020
03:40 PM
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I have a client who has purchased and sold "Potcoin" where is it reported on the tax return. What forms should they have to validate the sale and profit amounts?
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sjrcpa
Level 15
06-25-2020
05:11 PM
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Same place you report sales of stock.
If foreign account, FinCen 114 and 8938.
Get the transaction records from the account.
I'm guessing it is foreign, otherwise you would have 1099s.
The more I know the more I don’t know.
George4Tacks
Level 15
06-25-2020
06:07 PM
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Don't forget to check the box for cryptocurrency on Schedule 1!!
Answers are easy. Questions are hard!
