hello: I bought $500 of crypto from Coinbase Global, Inc. in April, 2022 and sold it at a loss the next month for $242.45. Because this transaction was less than $600, Coinbase did not send me a 1099-B.
I am using TT Premier CD version and I decided to enter the transaction under Wages and Income/"Here are your sales that are not reported on a Form 1099-B"
I entered Coinbase Global as the descriptor. It appears to show up in my forms but the TT labeled it a "NO FINANCIAL INSTITUTION"
My question is: did I do it correctly?
Yes, as long as you see that your loss is allowed. You report it under Wages & Income and Investment Income selecting Stock, Mutual Funds, Bonds , Other to record your 1099-B even though you didn't actually get a document. When you enter it here you are allowed the loss you sustained on the purchase and sale of your crypto.
[Edited: 03/14/2023 | 9:16 a PST]
Yes, as long as you see that your loss is allowed. You report it under Wages & Income and Investment Income selecting Stock, Mutual Funds, Bonds , Other to record your 1099-B even though you didn't actually get a document. When you enter it here you are allowed the loss you sustained on the purchase and sale of your crypto.
[Edited: 03/14/2023 | 9:16 a PST]