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New Member
posted Feb 26, 2022 7:54:50 PM

What should I mark for the sales section when it says "Short Term Transactions For Noncovered Tax Lots"

Cryptocurrency

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2 Replies
Returning Member
Feb 26, 2022 7:58:16 PM

You need to select Short Term Non-covered in the drop down.

Expert Alumni
Feb 27, 2022 5:49:09 AM

Short-term transactions are sales or exchanges of cryptocurrency that you bought and sold in a year or less. Noncovered means your crypto exchange did not report your cost (basis) to the IRS.

 

Awesome community member @maricruz nailed it. Select short-term noncovered in the drop down.

 

Your may have to add your cost. Noncovered transactions may have a blank cost because it is not reported to the IRS. If you get those errors, check your records or brokerage statement to find a cost basis.