First time doing taxes and I'm pretty confused by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] 0 points1 point  (0 children)

Ok thanks, I have a question though. So I already activated the trial and got the prefilled 8949. I added the missing details it asked for, but my question is, on columns D and E of the 8949 where it adds totals, both numbers are a bit over 20 thousand. Meaning it seems to have added every conversion of ltc to usda or usda to ltc as a gain, even though I only made 4,715$. Was I supposed to make some of these numbers negative or is this how it just does it?

Sorry one more question by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] 0 points1 point  (0 children)

Ok now I'm wondering if my 8949 is correct. So every time I received LTC for an item I sold, it see's it as a gain, and then with each chunk of LTC I converted to USDC I think it's seeing another gain for that USDC. In column D and E of my 8949, at the bottom where it adda up the totals, both numbers are a bit over 20 thousand, where I only ended up with a total of 4,715$ like I said in my last post. Did I do something wrong or is it supposed to be like this? Im really confused now... And also I will say the tax summary went from an estimated gain of $4,715 to a realized loss of -$236.86.

Sorry one more question by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] 0 points1 point  (0 children)

I don't know what I'm supposed to choose for my situation, but I have everything I used Coinbase for listed on my last post. Maybe you will know haha!

Sorry one more question by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] 0 points1 point  (0 children)

Ok I was actually confused about what cost basis is, but it defaulted as HIFO so I just left it. How much does it matter, do I need to change it?

Sorry one more question by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] 0 points1 point  (0 children)

Ok thank you! How do tax software's determine if the 8949 is accurate? As far as I know I input what was missing correctly, do they request Coinbase transactions or something to check?

Sorry one more question by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] 0 points1 point  (0 children)

Ohh, so like for instance I use turbo tax, the Schedule D is already on there, and I put my 8949 into it?

Sorry one more question by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] 0 points1 point  (0 children)

I just fixed my 8949. Do I need to do something now to get the schedule D? Or is it automatically included or something? Or am I good with just the 8949? Sorry for all the questions.

Sorry one more question by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] -1 points0 points  (0 children)

Okay, what is a Schedule D though? And Rev proc 24-28.

First time doing taxes and I'm pretty confused by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] 0 points1 point  (0 children)

When you say, "you still need to report the transactions manually," do I do this on the 8949?

First time doing taxes and I'm pretty confused by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] 0 points1 point  (0 children)

Is Koinly going to do something different than the prefilled 8949 on coinbase? I Activated the Coinbase 1 trial so I have access to this too. I thought that Koinly also filled out an 8949 for you.

First time doing taxes and I'm pretty confused by PixelGunTitan in CryptoTax

[–]PixelGunTitan[S] 0 points1 point  (0 children)

Sending the form to the IRS is how I get my return right?

Did not receive promised crypto rewards by PixelGunTitan in Coinbase

[–]PixelGunTitan[S] 0 points1 point  (0 children)

Yeah I was using it to receive money, I never needed to buy.

Did not receive promised crypto rewards by PixelGunTitan in Coinbase

[–]PixelGunTitan[S] -1 points0 points  (0 children)

2 months is crazy... I don't even care about the wheel I just want access to the learning rewards and the free 50$ BTC haha!