Hello,
I’ve received a 1099-DA for Cash App that I am confused about. Last year, I sold bitcoin for ~$2k in gross proceeds, but I have zero idea what the cost basis are for five individual transactions.
I’ve been buying small batches of bitcoin over years and have received gifts of bitcoin, and those five sales came from those transactions.
Can I just report the cost basis as 0 for all of them and pay the capital gains tax on the gross proceeds? Since the total amount is so low, I’d be ok with paying the tax in exchange for going through the headache of aggregating the cost bases.
Cashapp allows you to say “various” for dates acquired, so that’s in-part why I’m asking.
Thank you so much! I know zero about tax.
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