Mark N1
New Member

Get your taxes done using TurboTax

It is my understanding that these platforms are not required to issue a 1099 for sales of crypto sales for 2021.  I have coinbase and coinbase pro, and the 1099 only reported crypto earned.  I was able to get a gain loss report, however it is not reported to IRS on a 1099.  Since the sales are not reported on a 1099 they need to be reported on form 8949, part I, box C for short term sales and part II, box F for long term sales.   I did not import detailed transactions into turbo tax. I noted that the sales reports generated by coinbase were based upon LIFO method, I had to recalculate using FIFO since I used FIFO in prior years.  I calculated all of my gains/losses outside of turbo tax, entered summary totals on form 8949, and mailed details of the gain/loss calculations with Form 8453 Transmittal which turbo tax generates.