Are there any specific form 8949 adjustment codes for reporting initial coin offerings (ICOs) or token sales?

3 answers

• Nov 25, 2021 · 3 years ago
  Yes, there are specific form 8949 adjustment codes that should be used when reporting initial coin offerings (ICOs) or token sales. The most commonly used code is 'A', which is used for reporting short-term capital gains or losses. However, it's important to consult with a tax professional or refer to the IRS guidelines for the most accurate and up-to-date information on reporting cryptocurrency transactions.
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• Nov 25, 2021 · 3 years ago
  Absolutely! When it comes to reporting initial coin offerings (ICOs) or token sales on form 8949, there are specific adjustment codes that you need to be aware of. One of the most commonly used codes is 'B', which is used for reporting long-term capital gains or losses. However, it's always a good idea to consult with a tax professional to ensure that you are using the correct codes and reporting your transactions accurately.
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• Nov 25, 2021 · 3 years ago
  Yes, there are specific form 8949 adjustment codes for reporting initial coin offerings (ICOs) or token sales. As an expert in the field, I can tell you that the most relevant code to use is 'C', which is used for reporting gains or losses from the sale of collectibles, including cryptocurrencies. However, it's important to note that the IRS guidelines may change over time, so it's always a good idea to stay updated and consult with a tax professional for the most accurate information.
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