How to file multiple 1099-B forms from Robinhood for crypto and stocks?

But wait, I thought crypto wasn't considered a security by the SEC? So why would it go on the same form as stocks? And what if some of my crypto transactions don't have a cost basis because I mined them years ago?

For tax purposes, the IRS treats virtual currency as property, not currency, so capital gains rules apply just like with stocks. That's why they both go on Form 8949 and Schedule D, even though you're right that the SEC has different classifications. If you mined crypto, that's actually considered income at the fair market value when you received it, which should be reported as income. Then that value becomes your cost basis when you eventually sell or trade it. If you don't have records of your original basis, you'll need to make a good faith effort to determine it - perhaps using historical price data for the dates you mined them.

Does it work with other crypto exchanges too? I have stuff from Coinbase and Binance that's a complete mess and I'm dreading doing my taxes this year because of it.

Sounds interesting but does it actually help with back taxes or just current year filing? I've got some forms from 2021 and 2022 I need to handle.

It absolutely works with other exchanges! I had a mix of Robinhood, Coinbase and even some obscure exchanges. The system is designed to read the tax forms regardless of which platform issued them, so it handles the different formats really well. For back taxes, that's actually why I started using it in the first place. I had unfiled returns from previous years with multiple 1099 forms. The tool works with tax documents from any year, not just current tax season. You just upload the forms you have and it processes them the same way regardless of which tax year they're from.

Wait how does this even work? The IRS phone lines are notoriously impossible to get through. Is this just paying someone to wait on hold for you or something?

Yeah right. Nothing gets you through to the IRS faster. I've tried everything and ended up just sending letters that never get responses. Sounds like someone's trying to make a quick buck off desperate people.

It uses a system that continuously redials and navigates the IRS phone tree until it gets a spot in line, then it calls you to connect with the agent. It's not someone waiting on hold for you - it's an automated system that basically increases your chances of getting through by trying hundreds of times in a short period. No, it's definitely not a scam. I was super skeptical too after waiting on hold for 3+ hours multiple times. The service actually worked exactly as advertised. I got a call back when an agent was available, and I was able to resolve my questions about reporting multiple 1099-Bs from previous tax years. Saved me from potentially filing incorrectly and getting hit with even more penalties.

Is there an easy way to fix this? I transferred some ETH from Coinbase to Robinhood in 2022 and I'm worried my 1099 is showing zero cost basis for those.

You'll need to manually adjust the cost basis on Form 8949. There's a column specifically for corrections. Just enter the correct amount you originally paid and include a brief explanation code (usually "B" for basis adjustment). Keep all your receipts and transaction records though! If you get audited, you'll need to prove your actual cost. For your ETH transfers, you'll need the original purchase price from Coinbase. The annoying part is Robinhood won't know that info, so your 1099 will likely show $0 basis. That's why many crypto traders end up significantly overpaying on taxes if they don't make these adjustments.

Robinhood is just following their internal reporting system. You're right that wash sale rules don't technically apply to crypto (it's treated as property not a security). When I did my taxes I had to manually adjust this on my forms and include an explanation.