There are a couple of ways you can solve this issue. First is if CashApp can supply you with Form 8949, showing sales, basis, and status as to long-term or short-term, or both. If not, you should first delete the entries made and follow below:
If you know the actual cost basis you can adjust what CashApp says by follow these steps:
- In the "Wages & Income" Section click on "Show more" or "Edit/Add" at the "Investments and Savings" line.
- Click on "+Add investments", then continue.
- Click on "Enter a different way"
- Click on the box for Cryptocurrency, then continue
- Click on "Type it in myself"
- Enter the payer's name, etc., click continue
- Answer no if you did not get a 1099-B as it appears from your question. If you did get a 1099-B the procedure will be slightly different.
- Enter the remaining information as you know it to be if you did not get a 1099-B
- Answer the remaining questions and you will return to your investments and savings summary screen.
The procedure is somewhat different if you did receive a 1099-B. The steps are the same as steps 1 to 6 above. Step 7 is where the difference begins:
- Answer yes if you received a 1099-B, answer the following boxes no, yes, no, then continue, and continue again
- Enter the information for proceeds, and dates. basis per your statement, and then put a checkmark in the box below cost or other basis saying that the cost basis is incorrect.
- Next screen is normally none apply
- Next screen place a mark in the circle that you know your cost basis and need to make an adjustment and then enter in the box that appears your basis as you have it.
- The summary screen may appear to not take the adjustment but look at the gain or loss number and it should agree to what you have and click continue
- You now should have returned to the Investments and Savings summary page.
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