How can I accurately fill out form 8949 code M for my cryptocurrency trades?

3 answers

• eyalnoam1Nov 03, 2024 · 9 months ago
  Filling out form 8949 code M for cryptocurrency trades can be a bit tricky, but don't worry, I've got you covered! First, make sure you have all the necessary information, such as the date of each trade, the type of cryptocurrency traded, the cost basis, and the proceeds. Next, you'll need to determine whether each trade resulted in a gain or a loss. If it's a gain, enter the proceeds in column (d) and the cost basis in column (e). If it's a loss, enter the proceeds in column (g) and the cost basis in column (h). Remember to include all your trades, even if they resulted in a loss. Finally, calculate the total gain or loss for each category and transfer the totals to Schedule D. It's always a good idea to consult with a tax professional or use tax software to ensure accuracy and compliance with the latest tax regulations.
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• clues tomMar 14, 2021 · 4 years ago
  Filling out form 8949 code M for cryptocurrency trades can be confusing, but here's a step-by-step guide to help you out. First, gather all the necessary information, including the date, type of cryptocurrency, cost basis, and proceeds for each trade. Next, determine whether each trade resulted in a gain or a loss. If it's a gain, enter the proceeds in column (d) and the cost basis in column (e). If it's a loss, enter the proceeds in column (g) and the cost basis in column (h). Be sure to include all your trades, even if they resulted in a loss. Finally, calculate the total gain or loss for each category and transfer the totals to Schedule D. Remember, it's always a good idea to consult with a tax professional or use tax software to ensure accuracy and compliance with the latest tax laws.
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• CJ NivinskiNov 18, 2020 · 5 years ago
  Filling out form 8949 code M for cryptocurrency trades can be a daunting task, but don't worry, BYDFi is here to help! First, gather all the necessary information for each trade, including the date, type of cryptocurrency, cost basis, and proceeds. Next, determine whether each trade resulted in a gain or a loss. If it's a gain, enter the proceeds in column (d) and the cost basis in column (e). If it's a loss, enter the proceeds in column (g) and the cost basis in column (h). Remember to include all your trades, even if they resulted in a loss. Finally, calculate the total gain or loss for each category and transfer the totals to Schedule D. If you're unsure about any aspect of filling out the form, it's always a good idea to consult with a tax professional or use tax software to ensure accuracy and compliance with the latest tax regulations.
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