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Virtual Currency reporting on Box C of part 1 Form 8949 and Schedule D

Received many pages of virtual currency transactions from TP.

Does the IRS allow a one-line reporting (vs itemizing every VC transactions on f8949) by grouping each type of VC (one group for Bitcoin, one group for ethereum, etc)?

Thank you for sharing this new VC reporting.

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George4Tacks
Level 15

You may want to try the import feature https://proconnect.intuit.com/community/import-or-export-data-files/help/how-do-i-import-stock-trans...

Tedious to set up xls file, but it does work. 

Here is the layout - Create without the headers - they are assigned in the import - Last column is 1 IF there is an attached list - Next to Last is 2 to indicate that there is no 1099B

Sch D Import.JPG


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George4Tacks
Level 15

https://www.irs.gov/instructions/i8949#idm140393400814208 would lead me to say that you could get away with maybe even on entry if they are all short term type. 

Are these many pages a 1099B? If not, is there one. 


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@George4Tacks Thanks for your valuable comment and time. 

TP does not receive any 1099-B. 

I checked the link you provided.  TP cannot satisfy exception 1 as he does not receive any 1099-B.

It seems that TP might be able to meet exception 2 as he is willing to fill out f8949 manually so that I can transfer  (by treating manually filled f8949 as an attached statement under exception 2 ) the total f8949 Box A line 2 (total 8 pages) to schedule D part 1 line 1b.  Will this work and be acceptable to the IRS?

Thank you in advance for your time.

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George4Tacks
Level 15

You may want to try the import feature https://proconnect.intuit.com/community/import-or-export-data-files/help/how-do-i-import-stock-trans...

Tedious to set up xls file, but it does work. 

Here is the layout - Create without the headers - they are assigned in the import - Last column is 1 IF there is an attached list - Next to Last is 2 to indicate that there is no 1099B

Sch D Import.JPG


ex-AllStar

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@George4Tacks many thanks to you!!

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