Ledgible can produce several different report types to help you in your tax filings.
The most standard and recognized of these is the IRS 8949 form - as identified here.
This article is a brief guide to the IRS 8949 form produced by Ledgible tax for your cryptocurrency transactions.
The form contains 2 main sections:
- The first is for Short Term gains/losses that apply to your tax return.
- The second is Long Term gains/losses that apply to your tax return.
Both sections are needed for the complete picture of your taxable cryptocurrency transactions.
The 8949 can be used in many ways.
- It can be attached to you own personally prepared return.
- Some tax software can import the 8949 form - though it may be better to use the other Ledgible Tax reports that can be directly imported - please take a moment to review those.
- It can be sent to your tax preparer/CPA for them to include in your overall tax return.
Please note that Ledgible Tax will produce multiple copies of the 8949 form so as to include all cryptocurrency transactions up to 1000 entries. Therefore, if you have many entries in the report, please check all pages to be sure you review all of your records past the first two pages. All that is left to do is enter your personal information (Ledgible Tax does not collect or store your personal information asked for on the form for your privacy) and use the form to successfully finish your tax return using any of the methods listed above!