Hello! I am new to trading crypto, and I want to make sure I have all of the necessary documents for my CPA. Does ZenLedger provide all of the forms necessary for my taxes?
Hi Ava, welcome to the ZenLedger Community!
Great question - here’s the skinny:
ZenLedger pulls in all of your transactions from exchanges and wallets, and produces several forms your CPA will need for your cryptocurrency activity.
The main form that you’ll get is the Form 8949 to report sales/trades of your cryptocurrency. This may also include a Schedule D which we also produce for capital gains and losses.
If you’ve recieved income, such as interest or staking rewards, you’ll also get a Schedule 1 to file with total income from cryptocurrency transactions.
Last but not least, if you have activity over $10,000 in foreign exchanges, you’ll get the information needed to file FinCen 114/FBAR and if you need to file FATCA/Form 8938 due to significant holdings in overseas accounts, we give you a detailed breakdown of what you’d need to include for the cryptocurrency portion.
The best part for your CPA is twofold: We provide an easy-to-use spreadsheet in Google Sheets and Excel format for you and your CPA to work with that has a unified accounting of all you’ve done - and we provide an easy way for you to invite your CPA into your account to get everything she needs in one place without a bunch of paperwork!
Here are some resources to get you started:
Again, welcome! Let us know if you have any more questions!