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IMO: the IRS really needs to re-think the way crypto currency gets reported, the way it's actually used is more or less incompatible with the 8949 form and popu
by swiley 5y ago
IMO: the IRS really needs to re-think the way crypto currency gets reported, the way it's actually used is more or less incompatible with the 8949 form and popular exchanges (coinbase in particular) generate reports that can't be directly converted to it.
- nrmitchi 5y ago> popular exchanges (coinbase in particular) generate reports that can't be directly converted to it Isn't this really more of a Coinbase issue? If my brokerage started sending me invalid forms at the end of the year, I would expect my brokerage to fix it. I wouldn't expect the IRS to change to match whatever the brokerage is sending out.
- hcurtiss 5y agoI use koinly.io and it does a nice job of preparing the 8949 for me, and syncs with my various wallets and exchanges. Plugs right into TurboTax.
- filoleg 5y agoBookmarked, thanks for the rec! I used Cointracker for generating tax forms from Coinbase to plug into TurboTax for the past 2 years, but Koinly website looks really nice and clean, and it feels less bloated than Cointracker, so I will give it a try next year. Especially since Cointracker started ramping up their pricing.
- hcurtiss 5y agoYeah, I subscribed to three other services before I landed on Koinly. I also like that it properly handles fees.
- qeternity 5y agoThis seems more like a problem for Coinbase et al, and not the IRS. Unlike the SEC, the IRS doesn’t actually care how you make your money as long as they get their cut.