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Jamie-OK
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Can you report total overall gains/loses for cryptocurrency of do you have to report each and every buy/sell transaction individually?

We have 100+ buy/sell transactions for 3 different cryptocurrencies but Coinbase generates reports and calculates an overall gain/loss for all transactions so I'm hoping I can just report the overall gain/loss for each currency instead of reporting each and every individual buy/sell transaction.
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Can you report total overall gains/loses for cryptocurrency of do you have to report each and every buy/sell transaction individually?

You can, provided the transactions either meet #1 or meet both criteria of #2:

There are two exceptions to having to include transactions on Form 8949 that pertain to individuals and most small businesses. These include:

  1. Taxpayers can attach a separate statement with the transaction details in a format that meets the requirements of Form 8949.
  2. Taxpayers can omit transactions from Form 8949 if:
    • they received a Form 1099-B that shows that the cost basis was reported to the IRS, and
    • the form does not show a non-deductible wash sale loss or adjustments to the basis, gain or loss, or to the type of gain or loss (short term or long term).

If one of the exceptions apply then the transactions can be summarized into short-term and long-term and reported directly on Schedule D without using Form 8949. If an exception applies you can still voluntarily report your transactions on Form 8949 which might be easier if you have some transactions that meet the exception requirements and some that don't.

Here's the full text of the Turbo Tax article:

Turbo Tax Tips for Virtual Currency


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