Haven’t filed taxes in 4 years and starting to get worried. Had a trading bot set up that made 1000’s of trades a day in crypto. Every transaction is considered a taxable event. About 5 million in gains. I can’t find a CPA willing to take it on as there’s like 10mil transactions on one wallet alone. That doesn’t include various staking, nfts, etc.
What are my options?
You should be able to distill your trades down into a few lines on your form 8949 by simply entering the word “VARIOUS” in both the date acquired and date sold columns then summing up your gains/losses for the category of asset and entering that value in the Gain/Loss column.
From 8949i
> Stock acquired on various dates. If you sold a block of stock (or similar property) that you acquired through several different purchases, you may report the sale on one row and enter “VARIOUS” in column (b). However, you must still report the short-term gain (or loss) on the sale on Part I and the long-term gain (or loss) on Part II.
I don’t know why a CPA wouldn’t want your business as you could export your transactions to a spreadsheet and compute all the required data using the spreadsheet, even if you had to use multiple spreadsheets. Maybe it has to do with liability or something.
In any case, it’s not as hard as you fear. Just look at form 8949 and the instructions and you’ll be able to handle the crypto portion of the return. If everything else is simple with your return then it should be a breeze.
The important thing for you is getting filed ASAP because every day you wait can cost you.
@Flynn
Just looked into this. Thank you so much. Exactly what I needed. I don’t know why I’ve never been directed to that before.
Have you attempted to use a service such as cointracker that can import your transactions and generate a report?