I’m not a CPA nor an attorney.
Wrt Form 8949:
Obviously, the content and results of your tax reporting is your responsibility and your burden, not mine. With all due respect to this fact, I believe the armed-agency might ‘argue’ reported activity must be in “accordance with IRS forms and instructions, including on Form 8949”.
I’ve just burned 137" on the phone with a sharp TurboTax “CPA for 25 years”, and here are her words, here is her bottom line. I believe TurboTax could be wrong:
After reviewing together the section, “Where Are Virtual Currency Transactions Reported?” in Form 8949 and Cryptocurrency Reporting , TO WIT: “Form 8949, Sales and Other Dispositions of Capital Assets](About Form 8949, Sales and other Dispositions of Capital Assets | Internal Revenue Service), and Schedule D (Form 1040 or 1040-SR), Capital Gains and Losses. You must report most sales and other capital transactions and calculate the capital gain or loss in accordance with IRS forms and instructions, including on Form 8949, and then summarize capital gains and deductible capital losses on Schedule D.”
1) YES, TurboTax selects box C and F: Exchanges provide NO information via 1099-B to the IRS.
2) It’s TurboTax’s position a net gain and loss summary suffices. That if TurboTax completes to and including e-file without notice of any kind wrt submitting to the IRS a detailed Form 8949, then it follows TurboTax believes it isn’t required.
I could be wrong - hope I am, but in my opinion TurboTax may be 404 on this.