Ideanomics (IDEX) stock liquidation on cashapp - haven't received my 1099 form?

Thanks for the info! I have a similar situation but with Robinhood. If I sold multiple stocks throughout the year, do I need to list each transaction separately on Form 8949, or can I combine them somehow?

You'll need to list each stock sale as a separate transaction on Form 8949. Each entry should include the stock name, purchase date, sale date, cost basis, and proceeds. For stocks held more than a year (like the OP's Ideanomics shares), those go in Part II of Form 8949 as long-term capital gains. If you have numerous transactions, tax software can be extremely helpful as it can often import your trading data directly. Some brokerages offer downloadable transaction histories in formats compatible with popular tax programs, which might save you from manual entry.

How accurate was it with the calculations? I'm always nervous about trusting automated systems with my tax info, especially when it comes to capital gains.

Does it work with other investment apps too? I've got stuff spread across Webull, Robinhood and Fidelity and it's a nightmare trying to consolidate everything for tax purposes.

The calculations were spot-on. I actually double-checked a few transactions manually and everything matched perfectly. It even correctly identified wash sales that I didn't realize I had made, which probably saved me from an audit flag. It works with pretty much any investment platform. I've used it with Robinhood, Webull, and even traditional brokerage statements from Schwab. You just upload your documents or screenshots and it extracts all the relevant information. It's particularly helpful when you have investments across multiple platforms since it consolidates everything into one tax-ready format.

How does this even work? Seems kinda sketch that they can somehow get you through the IRS phone system faster than everyone else...

Yeah right, nothing can get through the IRS phone maze. I spent TWO DAYS trying to reach someone last year. Either this is a scam or they have some kind of insider connection, which sounds illegal tbh.

It's actually pretty straightforward - they use an automated system that navigates through the IRS phone tree and holds your place in line. When they're about to connect with an agent, you get a call back so you don't have to sit on hold for hours. It's basically like having a digital assistant wait on hold for you. It's completely legitimate and doesn't involve any "insider connections" or line-cutting. Everyone still waits their fair turn in the queue - the difference is that their system is doing the waiting instead of you being stuck listening to hold music for hours. I was skeptical too until I tried it and got connected to a real IRS agent who helped resolve my issue.

Thanks so much for sharing your experience! That's really reassuring to hear. Did you have to attach any supporting documentation from your Cash App account when you filed, or did you just fill out the form with your calculated numbers?

I just filled out the form with my calculated numbers, no need to attach the Cash App documentation to your tax return. However, I did save PDF screenshots of all my purchase and sale confirmations in case I ever get audited. The key is making sure your calculations are accurate. Double-check your math and be sure to include any fees in your cost basis. As long as you're reporting everything properly and paying the correct tax, the IRS is generally fine with self-reported stock transactions when a 1099 wasn't issued.

Wait that's confusing. So Cash App might send the info to the IRS but not to the user? How are we supposed to match their numbers exactly if we don't see what they reported?

That's a great point! The reporting thresholds can be different for what gets sent to taxpayers versus what gets sent to the IRS. Generally, if you calculate your gains/losses using your actual transaction records (like the OP has with their purchase and sale confirmations), your numbers should match what the broker reports to the IRS. The key is to be as accurate as possible with your calculations. Use the exact purchase price, sale price, and dates from your account history. If there are any discrepancies later, having your original transaction records will help resolve them. The IRS understands that sometimes taxpayers need to self-report when they don't receive forms, as long as you're making a good faith effort to report accurately.