On Wednesday, February 9, 2022 at 12:41:19 PM UTC-5, MZB wrote:
I use TT Deluxe desktop. I've never had problems with capital
gains/losses as I can always import the 1099 from my brokerage firm.
However, I also did some BTC purchases/sales via PayPal.
They just sent me a statement for my taxes (small loss).
I cannot import from PayPal. I do have a .csv file but again I cannot
import such a file into TT Deluxe.
There is no investment feature in TT DELUXE.
I found another way: I created a new 1099-B and labeled it PayPal. I
then could get one proceeds figure and one cost figure from the data. I
can enter it in the area that goes directly to Sched. D. (IT's 5 transactions-- just added the total costs and total proceeds).
Seems to work.
Although the statement is not labeled 1099-B, it has the same
information. But it seems to work (my taxable income gets reduced by the small amount of this short-term loss.
Should this suffice?
Mel
--
No. Each crypto transaction should be entered on a separate line on Form 8949, Part I or II as appropriate with Code C or F. I don't use TT, but there should be a way to enter data directly onto the forms without using the interview method. Crypto is an
area of heightened interest for the IRS (note the check box at the top of page 1 of Form 1040.
Ira Smilovitz, EA
Leonia, NJ
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