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New Member
posted Jun 6, 2021 7:38:02 PM

How to report when there are crypto transactions from myself and spouse

Hello,

 

Both my spouse and I are doing crypto and we are planning to file jointly next year (2021).

 

In this case, is there a way we can file a separate Form 8949 for each of our crypto capital gain/loss? 

 

We are wondering about this because it would be pretty confusing to determine which cost-basis to use if we happen to trade the same coins.  And each of us lives in a different state.  When filing 2020 tax using TurboTax (filing jointly), I don't think we saw any option to indicate the owner of the crypto account (between myself vs. my spouse), but it didn't matter for 2020 because only my spouse did crypto trading in 2020.

 

 

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3 Replies
Level 15
Jun 6, 2021 8:33:54 PM

you are allowed to use as many Form 8949s as you need to provide your transaction details.

If it is the same broker enter as broker-1 and broker-2

Or broker-T and broker-S.

Level 15
Jun 8, 2021 2:47:08 PM

When you file a joint return every entry allows you to indicate who the income or expense belongs to. You did not see this in the past because you were filing as single therefore everything on your single return belong to you and you alone.

Level 15
Jun 11, 2021 7:48:42 PM

" every entry allows you to indicate who the income or expense belongs to."

 

That may be so but the distinction will not show on your tax return unless you partition the activity as I suggested above.

You must enter a distinguishing broker name.