- Form 8949 has two main categories to classify transactions, short-term (Part I), for transactions held one year or less, and long-term (Part II), for transactions held longer than one year.
- Within each of these parts, there are three options: covered, non-covered, and not reported on Form 1099-B.
- In Part I, these are sales categories A, B, or C.
- In Part II, these are sales categories D, E, or F.
- Schedule D is always summarized for short-term and long-term transactions. The details are always provided on Form 8949 for all investment transactions associated to the tax year.
- Form 8453 is mailed with copies of Form 8949 when details are entered in summary and if the sales categories are not Box A or Box D, or there were adjustments to the basis unless the details are otherwise provided.
When Cryptocurrency is not reported on Form 1099-B, the transactions will be reported on Form 8949 using Part I, category C and Part II, category F.
- The TurboTax treatment will depend on the volume of transactions imported whether a summary was reported or the details were included. Check Form 8949 in prior year returns.
- Currently, there are only limited instances available to attach PDFs to tax returns. If it had been necessary for you to submit Form 8453 with Forms 8949 in the past, you would have been notified.
For more information, see: Do I need to fill out or mail in Form 8949?
IRS Frequently Asked Questions on Virtual Currency Transactions
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