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I sold bitcoin in 2016 for an aggregate loss. What investment type do I use to record my transactions?

 
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3 Replies

I sold bitcoin in 2016 for an aggregate loss. What investment type do I use to record my transactions?

Report your transactions in 1040 Schedule D, in form 8949 ticking as C or F "not reported to you on Form 1099-B".

In TurboTax, this is "Personal Income", "Investment Income", "Stocks, Mutual Funds, Bonds, Other" , as type "Everything Else".

I sold bitcoin in 2016 for an aggregate loss. What investment type do I use to record my transactions?

I am new to the crypto world, please if anyone can help me. Is this site paying? {not allowed  link}
maglib
Level 11

I sold bitcoin in 2016 for an aggregate loss. What investment type do I use to record my transactions?

    https://www.irs.gov/pub/irs-pdf/p544.pdf and  https://www.irs.gov/pub/irs-pdf/i8949.pdf  are the IRS rules for property and reporting.  Personal property net losses are not deductible but investment property is....  follow the IRS guidelines for property.

    IRS guidance on cryptocurrency as property:

    https://www.irs.gov/newsroom/irs-virtual-currency-guidance 

    https://www.irs.gov/pub/irs-drop/n-14-21.pdf 

    So you need to decide how you held it to decide if losses are reportable.

    **I don't work for TT. Just trying to help. All the best.
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