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1099-B

I won some money online and cashed it out through various crypto exchanges. I have used 4 different exchanges and kept track using coin ledger. From there I have the total taxable income and gain/ loss statement. However, only one of the four exchanges I used gave a 1099B, so therefore I am lost how to accurately input with the software. 

 

  • How do I accurately account for this using the software using the 1099B from cash app and the income earned from the other exchanges. 
  • Given that it is "gambling" do claim it as such? and can I deduct my losses I put back in from winnings?
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1099-B

the money you won online would apparently be gambling winnings, gross winnings are reported on line 8b of schedule 1of form 1040. you may need to pretend you got a w-2G to enter this. gambling losses and expenses are deductible only if you itemize deductions - schedule A.

 

for the one that gave you a 1099-B you enter that through the investment income section there's a line that says stocks, crypto so use that

 

for the ones you did not get a 1099-B the type would either be  C - short-term hain/loss neither proceeds or tax basis reported to IRS or Type -f - for long-term items. there is a specific link it either be gray and say update or blue and say start. clink on it. the next page will have a video on crypto if you want skip it by clicking on blue link that says yes. in the next section click on the crypto area to highlight it. the click on the blue continue link

 

 

t

 

  

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