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Are there any specific requirements or thresholds for Square to issue 1099 forms for cryptocurrency transactions?

avatarAffan KhanMar 19, 2022 · 3 years ago3 answers

What are the specific requirements or thresholds that Square has in place for issuing 1099 forms for cryptocurrency transactions?

Are there any specific requirements or thresholds for Square to issue 1099 forms for cryptocurrency transactions?
Cryptocurrency
Square
1099 Forms

3 answers

  • avatarMar 19, 2022 · 3 years ago
    Yes, Square has specific requirements and thresholds for issuing 1099 forms for cryptocurrency transactions. In order for Square to issue a 1099 form, the total value of cryptocurrency transactions must exceed $600 in a calendar year. Additionally, Square will only issue 1099 forms for transactions conducted on their platform.
  • avatarMar 19, 2022 · 3 years ago
    Square requires that the total value of cryptocurrency transactions conducted on their platform exceeds $600 in a calendar year in order to issue a 1099 form. This is in compliance with IRS regulations regarding the reporting of income from cryptocurrency transactions.
  • avatarMar 19, 2022 · 3 years ago
    As an expert in the field, I can confirm that Square has specific requirements and thresholds for issuing 1099 forms for cryptocurrency transactions. To receive a 1099 form from Square, the total value of your cryptocurrency transactions must exceed $600 in a calendar year. It's important to note that this requirement applies specifically to transactions conducted on Square's platform and not other exchanges.

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