I won the Bitcoin through Cashapp on Twitter. I sold it last year so I have to claim that on my taxes. I downloaded the CSV file from Cashapp to my computer then uploaded it to my TurboTax form, but the CSV file only shows sales and nothing from when I won it, which you don't have to claim or file taxes on that. When I try to go to the next step I get this error There are no buys or deposits of BTC available from CashApp Crypto (8a2c). It won't let me go any further and if I try to skip it, it says "Skipping may impact your refund. You could be taxed on the full value of some of your assets if you don’t add everything. The total $48.55 is the sum of your proceeds that are impacted. If you skip, your cost basis values will show as $0 on your 8949 in compliance with IRS guidelines." So what do I do?
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You don't need to do anything. The basis should be zero, since you did not pay for it, and you did not claim the reward as income when you received it. If you had claimed the income, that would be your basis, but since you didn't, you should show a $48.55 gain on Form 8949. You can skip it (it is correct) and proceed filing your taxes.
You don't need to do anything. The basis should be zero, since you did not pay for it, and you did not claim the reward as income when you received it. If you had claimed the income, that would be your basis, but since you didn't, you should show a $48.55 gain on Form 8949. You can skip it (it is correct) and proceed filing your taxes.
You're sure? Because it sounds like if I skip it I could get in trouble. Also crazy that this tiny bit of Bitcoin makes me have to file a Premium instead of the free version. It's costing me 3 times what I made selling it to file taxes on it.
@DawnC is correct. In this case the system is asking you to change that zero to what you actually paid for the bitcoin. But zero is the correct amount that you paid for it. So when you hit 'skip' it will keep the zero there and you'll be taxed on the full 48 bucks. Which is correct.
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