Help with filing Taxes | Bitcointalksearch.org

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: Imbatman on April 08, 2018, 09:37:17 AM

Ugh, I know what my gains were in 2017 from selling Bitcoin Cash.

But obviously I never got a form 1099-B from the exchange I used. So can I complete the 1099-B myself? Do I also have to complete form 8949 myself as well? Do I list the exchange as the one that is reporting this gain to me on form 1099-B even though they did not issue the form itself?

I swear, I really want to not report this income since no one is issuing me any type of documentation, and part of me thinks that claiming this gain is going to create more questions than if I did not report it.

I'm just trying to report around $7,500 in capital gains. Anyone have any advice?

I'm using www.taxact.com software

I don't know about any crypto currency exchanges that issue 1099-B form. It is only from the legal stock brokers and exchanges, you will get 1099-B. SO now you have to rely on trade history section of your tradings exchange. They should provide you with a P&L statement comprises all your trades in a summarized version. In absence of 1099-B, you can use that P&L statement to file your taxes with IRS. There should not be any issue. The idea is to properly report your incomes. the P&L statement should cover that.

Harlot

hero member

Activity: 1806

Merit: 672

I am not aware of the exchange you are using but I do believe that all exchanges are keeping all the records of your buy and sell transactions, this should be enough to support your income tax report if they ever tried an audit against you. IRS is pretty reasonable as long as you give them the necessary proof and it is consistent with your report you won't be having additional taxes with that.

Basmic

sr. member

Activity: 406

Merit: 256

I do not like to use such software. You probably don't need to use it either. The fact that this software is paid does not bother me. But this software pushes you to pay taxes as the government wants. If Trump used such software, he would be much poorer now. You need to be able to use the laws to avoid paying taxes.

Imbatman

member

Activity: 85

Merit: 13

Ugh, I know what my gains were in 2017 from selling Bitcoin Cash.

But obviously I never got a form 1099-B from the exchange I used. So can I complete the 1099-B myself? Do I also have to complete form 8949 myself as well? Do I list the exchange as the one that is reporting this gain to me on form 1099-B even though they did not issue the form itself?

I swear, I really want to not report this income since no one is issuing me any type of documentation, and part of me thinks that claiming this gain is going to create more questions than if I did not report it.

I'm just trying to report around $7,500 in capital gains. Anyone have any advice?

I'm using www.taxact.com software

Topic: Help with filing Taxes (Read 185 times)