Terry D EA Posted March 31, 2022 Report Share Posted March 31, 2022 Looking for other's opinions. The following is all taxable gain????? The coin base doc statement in the upper left hand corner says so. Just because it does not say USD, it is still taxable. correct? Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 31, 2022 Report Share Posted March 31, 2022 What would lead you to believe otherwise? 1 Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted March 31, 2022 Author Report Share Posted March 31, 2022 The client statement that th esale wasn't for USD. But if it was other crypto, it is still a taxable event with either gain or loss as I understand it. Correct? 1 Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 31, 2022 Report Share Posted March 31, 2022 Yup, all taxable in good ol’ US dollars. 1 Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 1, 2022 Report Share Posted April 1, 2022 Remember, like kind exchange only exists in real estate. All gains are taxable in your situation. 1 Quote Link to comment Share on other sites More sharing options...
Yardley CPA Posted April 1, 2022 Report Share Posted April 1, 2022 I entered one last night with over a thousand sale events. Just entered the totals on Schedule D of the total purchase price and sales amount, labeled it as MC. All good. 2 Quote Link to comment Share on other sites More sharing options...
joanmcq Posted April 1, 2022 Report Share Posted April 1, 2022 I just got the gain/loss statement for a client. Haven't looked at it yet. Ugh. Quote Link to comment Share on other sites More sharing options...
KimR Posted April 2, 2022 Report Share Posted April 2, 2022 14 hours ago, Yardley CPA said: I entered one last night with over a thousand sale events. Just entered the totals on Schedule D of the total purchase price and sales amount, labeled it as MC. All good. You just summarized it and did t list each transaction? I just had someone drop off their statement with over 100 pages attached. I’m dreading it. Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 2, 2022 Report Share Posted April 2, 2022 22 minutes ago, KimR said: You just summarized it and did t list each transaction? I just had someone drop off their statement with over 100 pages attached. I’m dreading it. Kim, Please see topic "Huge Cons DIV" where others and I have listed how we do it. Quote Link to comment Share on other sites More sharing options...
Slippery Pencil Posted April 2, 2022 Report Share Posted April 2, 2022 46 minutes ago, KimR said: You just summarized it and did t list each transaction? Of course, just like the 8949 instructions say to do. The 8949 has been out for a decade so this isn't new and I summarized Sch D entries for 15 years prior to that. 1 Quote Link to comment Share on other sites More sharing options...
Yardley CPA Posted April 2, 2022 Report Share Posted April 2, 2022 21 hours ago, KimR said: You just summarized it and did t list each transaction? I just had someone drop off their statement with over 100 pages attached. I’m dreading it. That's exactly what I did. I entered the total proceeds and total cost of all the transactions on two lines, one for short-term and one for long-term. Used code M and C. Moved on to the next return. 1 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted April 2, 2022 Report Share Posted April 2, 2022 43 minutes ago, Yardley CPA said: Used code M and C Is crypto still considered collectibles? I couldn't find anything definite on the IRS site, pubs, or instructions (as usual). Quote Link to comment Share on other sites More sharing options...
Lee B Posted April 3, 2022 Report Share Posted April 3, 2022 Perhaps you're thinking of NFTs which may be considered a collectible. Quote Link to comment Share on other sites More sharing options...
Yardley CPA Posted April 4, 2022 Report Share Posted April 4, 2022 On 4/2/2022 at 7:54 PM, Abby Normal said: Is crypto still considered collectibles? I couldn't find anything definite on the IRS site, pubs, or instructions (as usual). Not sure where the C came in. M for sure though. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted April 4, 2022 Report Share Posted April 4, 2022 Back in the early days, the IRS said crypto would be considered collectibles, and I thought they dropped that, but when code C popped into this thread, I thought I'd ask if it still applied, because I haven't been using code C for crypto sales. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted April 4, 2022 Report Share Posted April 4, 2022 2 hours ago, Yardley CPA said: Not sure where the C came in. M for sure though. Maybe you meant type C for short term with no 1099B. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted April 4, 2022 Report Share Posted April 4, 2022 I had this question earlier, asked on another board. The consensus on collectibles was no. Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 4, 2022 Report Share Posted April 4, 2022 They could become collectibles if you frame them on the wall. As I stated on another post, I feel weak when it comes to crypto. Even NFTs are not going to be collectibles when some more regulations are drafted. There are L1 and L2 projects that will break the collectibles into pieces and they will not longer be non-fungible which is, currently, a nice distinction from the other cryptos. Quote Link to comment Share on other sites More sharing options...
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