My client has a 1099-DA that shows Stablecoin Transactions with proceeds of $31,222.89 in additional to 8949, Box H transactions. I know how to report the Box H transactions; however, where on the tax return do I report the proceeds from Stablecoin transactions?
Are they LT or Short? The DA workflow supports both. you should be able to summarize on the 1099DA worksheet and attach the transactions to the efile
I'm not sure if it is LT or ST. There are 2 sections on the 1099-DA.
1. Summary of Trading - Shows 2 ST transactions with proceeds $3,691.91, cost basis $3,766.08,total loss is ($74.17)
2. Summary for for Stablecoin Transactions
1b - Name of digital asset - USDC
1c - Number of units - 31,222.90055099999
11b - Number of transactions - 18
1f - Proceeds - $31,222.89
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