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25
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16 comments
released

Reporting for like-kind exchanges

reports

Suggested by Michael M. on 09/02/2017

Please provide a means of reporting like-kind exchanges for those of us choosing that tax treatment.

As it is today, this is a painful manual exercise to extrapolate those sales by turning off like-kind, downloading a CSV file of all trades, and then removing from that list any trades to fiat. Then I have to look up the cost basis of each in a different downloaded report. This is way too hard and error-prone.

thanks!

Bitcoin.Tax replied:
This has been added into the next release. An 8824 statement is available to download that included the deferred gains details.
Comments:

  • Colin M. on 09/02/2017

    Are you referring to filing an 8824? If so, that is being added right as we speak. There will be a downloadable 8824 statement that can be send along with tax return.

  • Michael M. on 09/12/2017

    Yes. Hoping for an 8824 form and a CSV spreadsheet.

  • Ed D. on 11/20/2017

    Really need the ability to track like kind exchanges because most altcoins require an exchange in order to purchase. Generally, to buying a lesser coin, I need to buy a major coin with USD and then exchange into the coin I really want. Great service; will probably upgrade for 2018.

  • Albert S. on 01/07/2018

    Sorry. Where is this? Is this available right now?

  • BT on 01/10/2018

    Looking forward to having this available!

  • Southernbelle on 01/25/2018

    Since "like kind exchanges" was one method of tax calculation, I assumed it was an allowable method. After further reading of your FAQs saying the IRS would probably disallow this accounting, and discussion with my CPA, he concurred that alt coins should not be considered as a like kind exchange. BIG tax difference obviously. Wish it would have had a pop up warning when I first started playing with the tax calculator.

  • Andrew A. on 02/02/2018

    My understanding is that the 2018 tax rules specifically forbid like kind exchanges for cryptocurrency, whereas the IRS has never clarified whether it considers it allowed for 2017.
    My personal approach was going to be to leverage like kind exchanges for 2017. But doing it properly requires an 8824 Form, and this web site doesn't produce it, so it's DOA either way unless they ship this feature soon as I'm filing my taxes soon.

  • Min Z. on 02/03/2018

    Please let us now if this feature has been released. couldn't find it in current release.

  • Andrew A. on 02/04/2018

    I can't find it either.

  • Andrew A. on 02/04/2018

    I found it. I had to turn like kind exchanges off then on again and recalculate. Then the report showed up.

    BUT IT FAILS: I get a Error 502 gateway error whether I download the statement or the CSV. :( :(

  • Jimmy N. on 02/12/2018

    When I go to click on the download button for "Form 8824 Report : Like-Kind Exchanges" and choose either CSV or Form 8824 Statement it never downloads anything.

  • Christian B. on 02/13/2018

    Is there a way to import this 8824 that is currently a .csv file to TurboTax. Are we able to download a .txf file?

  • Albert S. on 02/20/2018

    Btw. In case anyone is confused. From form instructions.

    Multiple exchanges. If you made more
    than one like-kind exchange, you can file a
    summary on one Form 8824 and attach
    your own statement showing all the
    information requested on Form 8824 for
    each exchange. Include your name and
    identifying number at the top of each page
    of the statement. On the summary Form
    8824, enter only your name and identifying
    number, “Summary” on line 1, the total
    recognized gain from all exchanges on
    line 23, and the total basis of all like-kind
    property received on line 25

  • FPVDetroit on 03/07/2018

    My Tax CPA said that she attended training this year for cryptos and buying alts with any coin is not a like kind exchange. She said I could file my own taxes doing it but i'd more than likely be audited.

  • user3o847 on 06/28/2018

    I can't believe there isn't an importable .txf file.

  • Chaffeur on 10/07/2018

    How do we feed bitcoin.tax's like-kind output report to Turbo Tax? I have tens of thousands, so doing it manually is out of the question. The .txf file only contains the non-like-kind trades.
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