IRS form 8949 showing incorrect dollar amount

On the IRS form 8949 for my 2022 taxes it’s showing 117,960 USDT being purchased on 01/27/2022 and sold the same day. I never purchased this much on an exchange. The exchange I’m using is KuCoin. I have deleted the API and reinstated several times with no solving the problem. I’ve looked in the KuCoin transactions in Koinly and I cannot find a transaction for 117,960.

Any help would be appreiciated.


Hey @Bob_H

This could be due to report aggregation. We can generate unaggregated reports at your request if you message us.

Note, you must have less than 5000 transactions for the year for an unaggregated report.

I only have 469 transactions in 2022 so aggregation should not kick in. Note that we both have the same problem, which is with USDT transactions. I use very little USDT. Even with aggregation I can’t see how I acquired 114,682 USDT and then sold that for 108,378 USDT, realizing a $6,516 loss 7 months later. No way that happened. USDT is seldom off peg and never that far off. I never owned it. This seems like a bug to me. On the “Date Acquired” I only acquired 1,584 USDT and that was my only acquisition on that date.

Additionally, when I download the complete tax report the transaction in question is not even on the report. Nor is it on the buy/sell report. It’s only on the 8949. Seems like a bug. Please investigate.

The Turbo Tax Gain Loss report is correct so this seems to be isolated to the 8949


Aggregation is done by default for all accounts, regardless of the number of transactions. What I meant was that if you wanted an unaggregated report generated from the backend, you need to have less than that many transactions.

Regarding USDT - this is most likely a fee which was paid on an altogether different trasnactions. Fees in crypto are treated as capital gians.

Since I cant log or troubleshoot your account from this forum, please get in touch via Support so we can check the data and resolve this for you. :+1:

This still seems to be an issues. This was something that was changed between '21 & '22 tax seasons, as my '21 report was generated correctly. However, according to IRS, what you are providing is incorrect. Aggregated data can only be done if it was also reported on a 1099-B, which is something not typically provided from exchanges. On another post it was mentioned the complete tax report would have a notice that totals were aggregated. Mine does not, show every transaction individually(like the 8949 should), but the 8949 show only aggregated data.

@Om3ga1582 I am unaware of the requirements by the IRS but until now none of our users have had issues filing aggregated reports, and we aggregate them the same way as other crypto tax reporting software.

I have raised the question internally to understand if there is anymore info I can provide on the matter, however I have received your request for an un-aggregated report and have sent you the file.