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Level 3
March 6, 2022

coinbase gains & losses

  • March 6, 2022
  • 1 reply
  • 8 views

Just need to confirm the process.  Your responds are appreciated.

I know that coinbase is entered as a schedule D on 8949 worksheet, my main questions is:

Converted coinbase on 01/17/2021 is this taxable?

the same converted coinbase was then sold on 03/22/2021 is this considered they only transaction?,

I noticed that coinbase does not show losses, I'm assuming that I would be calculating the losses to be entered?

Thank you

Sylvia, TaxWiz

 

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    1 reply

    Intuit Community Champion
    March 6, 2022

    coinbase is a place to buy and sell virtual currency (bitcoin) The member can download many different kind of reports including capital gains/loss. Have your client download the report showing capital gains/loss