I've imported my crypto tax information from Koinly. How do I separate wallets so some go to my LLC schedule C and others to my personal (sched D and 8949)?

[Anonymous_]

@Mike9241 

[mecorusfc]

For some reason, my post was tagged as TurboTax Online.  I don't have that version.  I have the Desktop CD/DVD version.  I don't know if that makes a difference.  I'm hoping somebody knows the answer to this.  Help?

[Rick19744]

Some comments regarding your question:

• Your facts are very limited
  • Do you have trader tax status (TTS)?
  • Do you have a MTM election?
• Regardless of the answer to the above questions, absolutely no income / loss from your crypto activity is reported on your Schedule C.  Schedule C only reports ordinary and necessary business expenses.  Unless you have TTS, you are not eligible to use Schedule C.
• Your activity will be reported on various forms depending on the responses to the above questions; form 8949, Schedule D, form 4797, etc.  It all depends on your trader status.
• Too many get into this crypto world without a good grasp on the tax reporting implications.  I would recommend you meet with a tax professional who understands the fairly complicated crypto tax world.  Reporting incorrectly will not bring you good news from the IRS.