I'm working on finishing my filing through FreeTax USA and just completed reporting all of my Crypto sales. Before I can move on, the service is requesing Summary Statements for each of the five sales that I made.

    According to support at FreeTaxUSA, all crypto sales must now have Summary Statement supplied for each of them. They sent me a list of the required fields for the Summary Statement and I was able to figure most of them out. The only questions I have are for Adjustment Amount, Adjustment Code and Basis reported.

    It should be mentioned that all of the sales I made were through exchanges that do not directly report to the IRS (CowSwap, for example), so I have no 1099 form (and am filing them as "long-term did not receive form 1099 or equivalent" accordingly).

    When I asked FreeTaxUSA support about those fields, they said that I would either need a 1099 form, or generate a 8949 form by attaching a third-party crypto tax service (Koinly, CoinLedger, or TaxBit) to those exchange accounts.

    I have a few friends who also sold crypto last year and had their taxes filed professionally and were not asked to provide any such forms in the first place.

    Are those extra fields on the Summary Statement even necessary, or is the description, date acquired, date sold, proceeds and cost basis enough?

    Summary Statements for Crypto sales
    byu/t3hmuffnman9000 intax



    Posted by t3hmuffnman9000

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