How to report a Coinbase-issued Form 8949 transactions without Form 1099-B?

[aedwan]

Taxpayer emailed me Form 8949 from his Coinbase portal with box C checked in lieu of 1099-B. It has hundreds of transactions, which will be impossible to list on the "Quick Entry Table." Can I just enter total proceeds and total cost on the 1099-B worksheet and attach Coisnbase copy of 8949 to tax return? The problem is that the figures from the 1099-B worksheet flow to Schedule D, Part Box 1a as opposed to Part 1 Box 3 (Total transactions reported on 8949 with Box C checked.)   

[jeffmcpa2010]

I enter it by bundling up all of the taxpayer's information in to a pile.

Then I Enter the pile into a USPS Flat Rate envelope addressed to the taxpayer with a note wishing them luck with his future endeavors as well as with his future tax preparer.

I am to old, grouchy, and set in my ways to deal with clients who are getting involved in fake, make believe money.

[Frustrated-in-IL]

Is Basic different from Professional?  In Professional you can get the transaction to be reported with Box C.  Just answer "no" when asked if reported on Form 1099-B.

As for attaching their Form 8949, I would not do it.  I had a client with Coinbase in today and this is what I did.  I took the Excel spreadsheet and did a little reformatting.  It took less than 5 minutes to do.  I got rid of the columns with the worthless info, such as transaction ID, etc.  I moved everything down so I had room for a header where I added the client's name and SSN and a description "2022 Coinbase Short-Term Transactions Not Reported on Form 1099-B".  I formatted the purchase, sales, and gain columns to two decimal places.  Then at the bottom I totaled these columns with a column footer (Total Sales Price, Total Purchase Price, Net Gain/Loss) and attached this document as a pdf to the return.  On the Schedule D worksheet, for the description I put "Coinbase Transactions - See Attached", entered the total sales price and total cost basis, and made sure I checked "no" when asked if reported on Form 1099-B.  Since these were all short-term, for date sold I put "12/31/21" and for date acquired I put "Various", while indicating "S" for the holding period.

[aedwan]

Very helpful, greatly appreciated! Coinbase should be required to issue Form 1099-B to its clients.