The complexity of IRS Form 8949 for cryptocurrency tax reporting has sparked widespread complaints among U.S. taxpayers. Tracking countless transactions across multiple exchanges, calculating cost basis, and categorizing short- and long-term gains is daunting, especially for active traders. The form demands precise details—acquisition dates, disposal dates, proceeds, and fees—often requiring meticulous record-keeping or costly software like Koinly or CoinLedger. Many criticize the IRS for inconsistent exchange reporting and unclear guidance on DeFi, NFTs, and wash sales. With the new Form 1099-DA looming in 2025, taxpayers fear even stricter scrutiny. Simplifying Form 8949 and providing clearer instructions could ease the burden, as the current process risks errors, audits, and penalties for compliant filers. 0 reply
0 recast
0 reaction