Hello,
I, as an individual, borrowed money from other individuals and businesses. I took that money and bought cryptocurrencies. I actively traded crypto in 2021, I would sell the crypto, sometimes at a profit, sometimes at a loss. Then I would pay interest to those individuals and businesses.
1. Do I issue these individuals and businesses form 1099 INT, or something else?
2. In 2021 I paid $250,000 in interest payments. I sold $200,000 of crypto, and the other $50,000 I paid out of my pocket for the interest. I have a loss of $50,000. How do I report this loss on my tax return? Form 4952?
3. For outstanding loans I still hold after 2021 ended, do I have to report these? If yes, on which form?
4. Where in Turbotax do I go to report my crypto transactions? I trade on Coinbase, but they did NOT issue me any tax forms. So I will manually input them?
Thank you for your time
