Individual Cryptocurrency Transactions Missing on Form 8949

[kvbroc01]

Hi All,

I have a modest amount of Cryptocurrency trades for the year (under 400).  Using Bitcoin.Tax, I was able to import each transaction from a CSV into Turbo Tax Self Employed Online.  Once imported into Turbo Tax, I looked thru the 13 pages and all are checked as taxable.  No apparent issues.  Now, I am currently about to file, but I noticed that these transactions are just summarized on the Form 8949 as two items--- one as short term and one as long term gains/loss.  I know each transaction should be listed.  Is there anyway I can get this to show on my 8949 that I am going to E-file, or do I have no choice but to mail the IRS?

Thanks all,  I have done some research but have seen contradictory answers to similar questions.

[JohnB5677]

You can E-file your return exactly as it is.  I expect you will be advised to mail a 8453 along with the detail of the 8949 and te 1099-B.  Form 8453 for Attachments

Mail Form 8453 to:

• Internal Revenue Service
• Attn: Shipping and Receiving
• 0254 Receipt and Control Branch
• Austin, TX 73344-0254

[kvbroc01]

Thank you.  Should I go ahead and mail the 8949 with only my Crypto on it, or wait to see if I am advised to?  Would Turbo Tax advise me? Also, I don't have a 1099-B for any of my crypto.

Thank you for your help.

[fanfare]

you may have imported into the wrong sales category.

since you have no 1099-B  you should be reporting under category C or F.

If Turbotax is forcing you to summarize, it is doing you a disservice since 400 is below the advertised capacity of Turbotax Online.

---
IRS requires details to be listed on Form 8949,
or on your own forms (e.g. csv spreadsheets) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your tax return.

Exception: transactions in category A or D without adjustments do not require form 8949. No mailing is necessary.

--

[kvbroc01]

Hi @fanfare,

Turbo Tax Self Employed has an actual Cryptocurrency category.  All transactions were uploaded and shown properly in TurboTax.  Yet it only summarizes all (13 pages in TurboTax) of these trades on the actual 8949--- into one line for short term gains, one line for long term gains.  It really doesn't make sense to me.

[ThomasM125]

You would be safe to follow the instructions in TurboTax. If you are instructed to mail the supporting statements, then you should do so. Otherwise, you will be covered by the accuracy guarantee that TurboTax provides. As long as you answer the questions accurately in the program and follow the instructions provided, TurboTax will reimburse you for any penalties or interest you incur for non-compliance with IRS regulations.

Furthermore, the IRS will compare your return to information reported to them from others. As long as there is not a discrepancy here, then your return should not be scrutinized.

[fanfare]

you have the option to summarize your transactions by sales category. TurboTax has chosen for you.

IRS requires details of each trade to be listed on Form 8949,
or on your own forms (e.g. consolidated 1099-B, or spreadsheets) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize, and you e-File, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.
(unless you can attach the details in PDF format at e-File time. TurboTax doesn't offer that service.)

A csv report with an appropriate header line identifying the columns would be acceptable.

Since you don't have a 1099-B, the category boxes checked should be C and F, for short term  and long term, respectively.

[fanfare]

Maybe I'm mis-hearing you. We can't see your tax return.

"Yet it only summarizes all (13 pages in TurboTax) of these trades on the actual 8949--- into one line for short term gains, one line for long term gains.  It really doesn't make sense to me."

If the two lines of summaries are on Schedule D, that's where they should be.

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend because a TurboTax update changes your return.

If the printout shows all the details on your Form 8949, then never mind, it's all OK and ready to file.

But if the forms 8949 (there would be two pages) show a one-line summary, then refer to my answer above.

[fanfare]

what box is checked on your Form 8949.?

Short term is shown on side 1 (PART 1)

Long term is shown on side 2 (PART II).

[SantiMarmo]

What was your resolution?

I have your same situation.