Cryptocurrency Reporting

Forum|Forum|2 years ago
September 18, 2023
2 replies
12 views

My client did a small amount of crypto trading during the year. It was less than $600, not enough to trigger a 1099-B issuance from the provider. Without the 1099-B, how do I report the sale on form 8949? I can't type directly onto form 8949 without overriding; I have to link to another form which flows through to 8949, but obviously there is no other form in this case. Any assistance would be appreciated.

ProSeries Professional

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ljr

Level 9

use the 1099-b worksheet and check off the box that says not reported on 1099-b

qbteachmt

Level 15

"It was less than $600, not enough to trigger a 1099-B issuance from the provider."

Are you trying to describe 1099-Misc or 1099-K? Because 1099-B is for transactions, and I'm not aware that there is a limit for reporting. Did your taxpayer even look to see if their provider has a form available to them online, or just assume there will be no form?

Are you aware of the pending 1099-DA?

Don't yell at us; we're volunteers

sjrcpa

Level 15

If it was not through a US company there won't be a 1099-B, no matter what the reporting threshold is.

The more I know the more I don’t know.

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