I had too many crypto transactions on Robinhood (over 4000), is there any way to still transfer my transactions?

[Capnadolny1]

I had no idea what I was doing while learning to trade crypto and have almost 600 pages of transactions (well over the 4000 trade limit) on Robinhood. I was able to use an aggregator service for Coinbase Pro but can't find one to work for Robinhood. The direct account link (RH to TurboTax) also doesn't work for some reason. Is there any other option for me? Please help!

[HelenC12 · Accepted solution]

Yes, there is an option. You could do a summary in lieu of individual transactions. You can enter a summary for each category in TurboTax, E-file your return and three days after the IRS has accepted your return, mail in the detail of your 1099 forms, along with form 8453. This way, you don't have to manually enter all the transactions.

• Please see the TurboTax FAQ: How do I enter a large number of stock transactions in TurboTax Online?

Cryptocurrency received as payment for goods and services is taxed as earned income:

• If you earned money by providing a service or selling something, you’d have to report it as earned income (either wages or self-employment income) as if you’d been paid in cash. 
• See How do I report income from self-employment?

Cryptocurrency sold, exchanged, spent or converted, is treated as sale of property:

• Like property sales or the sale of stock, any gain or loss from the sale or trade of cryptocurrency is reported as a capital gain or loss. See How do I report Bitcoin or other cryptocurrency as a capital gain?
• If you buy and sell it within 12 months, it’s treated as a short-term capital gain.
• If you hold it for over 12 months, it’s taxed at the lower, long-term, capital gain rates.

[fanfare]

you should just summarize on 8949 with the appropriate Box checked (did you get a 1099-B?)

Then e-File and be done with it.

If there is an issue regarding details of your 4,000 transactions, IRS will contact you.

@Critter-3 

I seem to be coming around to your way of thinking on this.

[Capnadolny1]

I got a 1099-Composite I believe, which is what Robinhood has since you are not buying or selling physical cryptocurrency, but going through a broker. They add up everything (short and long term gains and losses) and it's very helpful, but I have 600 pages worth of transactions. So obviously that is way too many to deal with. (Yes, I got a little carried away at times.)

[Capnadolny1]

Thank you so much! I have been so stressed about this for the past week. On my Robinhood tax form, I got a 1099-Composite, which is a 600 page form in total. Would I need to send the entire 600 pages in or could I just send the part where they added up my short and long term gains and losses (and not the hundreds of pages of each individual transaction) and wait and see if they contact me about it? And just to be clear; I wait until it says "accepted" on the IRS tracker and send the detailed forms in 3 days after? 

Again, thank you so much! You have no idea how much this has been stressing me out.

[JulieS]

Yes, you need to wait until your return is accepted and you need to send all of the details on every transaction, which will be most of your 600 pages. 

[Capnadolny1]

Sorry to bother you again. How do I summarize the gains and losses when I'm using TurboTax? 

[fanfare]

Details Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary.

You can trim those details out of your mailed report.

If you don't have a 1099-B for crypto your sales category is C or F.

There is no exception for these categories.

I don't think anybody is going to mail in such a huge document, 

and I don't think the IRS is going to come back and ask you for it.

They're too busy at the moment.

IRS hasn't even figured how to enforce crypto reporting yet.