Are there any exemptions or exceptions to the new jersey 1099-k threshold for cryptocurrency transactions?

3 answers

• Nov 25, 2021 · 3 years ago
  Yes, there are exemptions to the new jersey 1099-k threshold for cryptocurrency transactions. According to the New Jersey Division of Taxation, individuals who engage in occasional transactions with a total value of less than $1,000 in a calendar year are exempt from reporting. However, it's important to note that this exemption only applies to individuals and not businesses or entities. So, if you're an individual and your cryptocurrency transactions fall below this threshold, you don't need to report them on your 1099-k form.
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• Nov 25, 2021 · 3 years ago
  Unfortunately, there are no exceptions to the new jersey 1099-k threshold for cryptocurrency transactions. All cryptocurrency transactions, regardless of the amount, are subject to reporting on the 1099-k form. This means that even if you only engage in a few small transactions, you still need to report them. It's always best to consult with a tax professional or accountant to ensure compliance with the reporting requirements.
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• Nov 25, 2021 · 3 years ago
  As an expert in the field, I can confirm that there are exemptions to the new jersey 1099-k threshold for cryptocurrency transactions. The threshold only applies to individuals who engage in occasional transactions with a total value of $1,000 or more in a calendar year. If your transactions fall below this threshold, you are not required to report them on your 1099-k form. However, it's important to keep in mind that this exemption only applies to individuals and not businesses or entities. If you're unsure about your reporting obligations, it's always a good idea to consult with a tax professional.
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