How to handle 36 pages of form 8949 and two pages of Schedule D

[E AND M]

Hello,

My client sent me 36 pages of 8949 and two pages of Schedule D  from his crypto currency transactions.

This is my first time dealing with such number of pages.

Could you please advise me how I can enter this in proSeries?

Thank you

[Frustrated-in-IL]

I only see two options, assuming you are keeping the client:

1.  Print out return and substitute clients Forms 8949 with those generated by program after you make one total entry each for each type of 8949 transaction (Box A, Box B, etc),  and mail in return; OR

2.  Have client provide you instead of the Forms 8949 the Excel spreadsheets which the crypto company also provided him.  Put those into a pdf and attach to return.  Take the totals for each type of Form 8949 transaction (Box A, Box B, etc) and enter on 1099B Worksheet by type something like this in the description area "XYZ Co. Crypto Transactions - See Detail Attached".  Those total will then print on Forms 8949.

Option 2 is the way to proceed.

[E AND M]

Thank you so much

[athaureaux6]

I take one from each, (short and long) and use the information from the summary. 1098-B. I have never had a problem with that. 

[dascpa]

Got one from client with 18,000+ pages of crypto.  I calculated he did 180 transactions per hour for every business day of the year.  ProSeries will not accept a .pdf file this large.

[Frustrated-in-IL]

Are you serious?  Wow!

[rbynaker]

Holy carp Batman!

I'm temped to ask . . . what was the bottom line gain on all that?  Was it worth the trouble?  Jot down the phone number from the next Gambling infomercial you see . . . someone needs help.

[athaureaux6]

Why are you surprise? Everything is in the summary except the days. If you enter the thousands pages it will come to the numbers in the summary. You just need to make sure you include short, long terms, wash sales, and a couple of dates. Or Am I wrong? 

[dascpa]

$2,807.39 profit for the year.  I'm guessing there were thousands of transactions at $.01, $.05, etc.  What a frggin waste. To him, like most millennials - it's fun.  But he bought a software program to automate the buys and sells.  Spouse was beyond pissed.  I'm assuming it'll stop.

I figured I could enter every transaction into ProSeries and it would over a decade to do so.  And yes, it would only be a $250 tax return..........

[rbynaker]

The wash sales rules on crypto haven't passed yet, right?  I think it was in the BBB bill so likely it will get carved out and stuck as a "pay for" somewhere else.

[rcherenson]

Holy moly! This is the first year I have had a crypto client and it was 5 or 6 pages, so I did the drudgery. I base my rate on the amount of brokerage pages I have to manually enter. But 25+, I lump sum and attach

[rcherenson]

I agree. We are allowed to lump sum ST and LT, so don't kill yourself with individual entry. Just get the key bits like not allowed wash sales.

[jtsjoz]

I just got a 67 page 8949 with around 896 trades ..

Going to try importing another 1099B, 

Then when it comes to reviewing the excel version that is extract from tax import.. Replacing all the stock trades to import the 897 -- 

Should be awesome. 

[rcherenson]

OMG, how horrific! I got my first crypto trade clients this year, but fortunately only 4-5 pages of trades. I am really afraid for next year.

I'm already sending a lot of attachments this year, several Schedule B carryovers for 1116, 0% share for a 1095-A, some non-cash contribution appraisals and 5471 foreign corporation unsupported forms, don't need Schedule B trades to be added to this list. 

Why can't the software keep up with the updates? We pay a lot of $$ for only partially functioning software, late delivered schedules and much more manual work. I know the IRS is much to blame, but I'm paying ProSeries so I look to them to make my life easier and this year, less than ever.

[dascpa]

Nobody is forcing you to stay with ProSeries.  If unhappy, switch.  The grass is not always greener on the other side.

[rcherenson]

ProSeries is the best for my needs, I know it's not their fault the IRS keeps making changes well into tax season, it's just frustrating when I have clients who require all the weird schedules that aren't a priority for release. Maybe I need to switch clients, rather than software...

[ME44]

How did you get by without using the sell dates? I can use "various" for purchase dates but not sell dates.  My clients Crypto transactions are 21 pages long, thousands of transactions

[TaxGuyBill]

I think most people just enter 12/31/21 for the sale date.

[dd4vols]

@TaxGuyBill ,  I sometimes take a walk on the wildside, and use sale date of 07/01/21....lol

[George4Tacks]

A wise man once said CAGMC!

For the younger generation - that means 

Come And Get Me Copper!