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March 26, 2024
Question

Dealing with crypto new account

  • March 26, 2024
  • 1 reply
  • 0 views

Typically I work with large brokerage houses, in 2023 I bought some cryptocurrencies through a new brokerage firm.

They elected to send me a form 8849, since there were no proceeds and I didn't sell the crypto last year, everything is a 0. I assume I don't need to import anything into turbotax.

Or do I need to create an entry that I received a form 8849 and it's all 0s?

    1 reply

    March 26, 2024

    An IRS form 8949 is the form in which IRS form 1099-B entries are entered.

     

    The numbers agree with your records and all numbers reported are $0, so there is nothing to record in a Federal 1040 tax return.

     

    Keep the form with your tax records should you need to refer to it at a later time.

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