To report a crypto sale on Form 1099-B when the cost basis is not provided, follow these steps:
Determine Cost Basis:
- Cost basis is how much you paid to acquire your cryptocurrency.
- Use your own records to find the original purchase price of the crypto. If you don't have records, you may need to estimate the cost basis.
- *You can calculate the cost basis by adding the fair market value (how much it was selling for when you bought it) of your crypto at the time of receipt plus any fees directly related to the acquisition
To Complete the Form
- Enter the proceeds from the sale
- Enter cost basis (cost you paid to acquire or fair market value at time of purchases) you determined.
* Use a Crypto Price Index: (e.g., CoinMarketCap and CoinGecko) aggregate prices from multiple exchanges to provide a reasonable equivalent value for your crypto at a specific date and time.
Reach back out if you meant something else
[Edited 03/23/2025|2:47 pm, EST] @jeanelunt-somonauk, @rjs
