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Why is my 8949 only one line?

Why is my 8949 only one line?

When you have a high volume of trades, the IRS wants you to report your 8949 differently

David Kemmerer avatar
Written by David Kemmerer
Updated over a week ago

Depending on how many cryptocurrency trades you made during the year, CoinLedger may automatically consolidate your Form 8949 into a single line with a description "see attached statement". This is in accordance with exception 2 of the IRS 8949 instructions, and it is how they prefer high volume traders to report (rather than sending in dozens of pages of 8949's).

This is not something that is wrong with your report.

There are two variations of the Form 8949: the Consolidated or Full Report (which is just titled IRS Form 8949).

  • The Full Report lists each disposal individually in a separate row
    ​

  • The Consolidated Report summarizes the totals for short-term and long-term transactions on two lines.

In some cases tax filing softwares require a Consolidated Form 8949. In many other cases, the Full Report is the best option.

When you download your Form 8949 Consolidated from CoinLedger, you'll see a zip file titled IRS Forms:

Contained in this zip file are two files named the Attached Statement that list your Long Term and Short Term Capital Gains in detail. You should include these Attached Statements with your Consolidated 8949 when filing. Learn more about the process of filing a consolidated report here.

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