What information should I enter in box 12 on my 1099-B form for virtual currency transactions?

8 answers

• MAKINZ CHSep 09, 2021 · 4 years ago
  When filling out box 12 on your 1099-B form for virtual currency transactions, you should enter the cost or other basis of the virtual currency you sold. This is the amount you initially paid for the virtual currency, including any fees or commissions. If you acquired the virtual currency through mining or other means, you should use the fair market value of the virtual currency at the time of acquisition as the cost basis. It's important to accurately report this information to ensure compliance with tax regulations.
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• Kemp FogedJun 23, 2022 · 3 years ago
  Box 12 on your 1099-B form is used to report the cost or other basis of the virtual currency you sold. This information is necessary for calculating your capital gains or losses from the virtual currency transactions. Make sure to include any fees or commissions paid when calculating the cost basis. If you're unsure about the specific amount, consult your transaction history or reach out to a tax professional for assistance.
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• Sai Nagendra KonakallaNov 17, 2022 · 3 years ago
  When it comes to box 12 on your 1099-B form for virtual currency transactions, it's important to accurately report the cost or other basis of the virtual currency you sold. This includes the amount you initially paid for the virtual currency, as well as any fees or commissions. If you acquired the virtual currency through mining or other means, use the fair market value at the time of acquisition as the cost basis. Remember to keep detailed records of your transactions to ensure accurate reporting.
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• Osborne CliffordOct 31, 2023 · 2 years ago
  At BYDFi, we recommend entering the cost or other basis of the virtual currency you sold in box 12 on your 1099-B form for virtual currency transactions. This includes the amount you initially paid for the virtual currency, including any fees or commissions. If you acquired the virtual currency through mining or other means, use the fair market value at the time of acquisition as the cost basis. It's important to accurately report this information to comply with tax regulations. If you have any further questions, feel free to reach out to a tax professional.
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• Browne BeardSep 26, 2021 · 4 years ago
  When filling out box 12 on your 1099-B form for virtual currency transactions, make sure to include the cost or other basis of the virtual currency you sold. This includes the amount you initially paid for the virtual currency, as well as any fees or commissions. If you acquired the virtual currency through mining or other means, use the fair market value at the time of acquisition as the cost basis. Remember to keep track of your transactions and consult with a tax professional if you need assistance.
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• mitch_danielAug 03, 2025 · 4 months ago
  In box 12 of your 1099-B form for virtual currency transactions, you should enter the cost or other basis of the virtual currency you sold. This includes the amount you initially paid for the virtual currency, along with any fees or commissions. If you acquired the virtual currency through mining or other means, use the fair market value at the time of acquisition as the cost basis. Accurately reporting this information is crucial for tax purposes. If you're unsure about the specific details, consider consulting with a tax advisor.
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• Djan kouadio DidierAug 09, 2021 · 4 years ago
  When it comes to box 12 on your 1099-B form for virtual currency transactions, it's important to report the cost or other basis of the virtual currency you sold. This includes the amount you initially paid for the virtual currency, as well as any fees or commissions. If you acquired the virtual currency through mining or other means, use the fair market value at the time of acquisition as the cost basis. Remember to keep detailed records of your transactions and consult with a tax professional if you have any uncertainties.
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• Franco Luis Andrés GonzálezJul 25, 2025 · 4 months ago
  When filling out box 12 on your 1099-B form for virtual currency transactions, make sure to include the cost or other basis of the virtual currency you sold. This includes the amount you initially paid for the virtual currency, as well as any fees or commissions. If you acquired the virtual currency through mining or other means, use the fair market value at the time of acquisition as the cost basis. It's important to accurately report this information to comply with tax regulations. If you have any further questions, feel free to reach out to a tax professional.
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