How does cryptocurrency reporting work for 1099 and 1099 K forms?

1 answers

• Feb 17, 2022 · 3 years ago
  At BYDFi, we understand the importance of cryptocurrency reporting for taxes. When it comes to 1099 and 1099 K forms, it's crucial to accurately report your cryptocurrency transactions. The IRS treats cryptocurrency as property, so any gains or losses from cryptocurrency transactions need to be reported on your tax return. If you receive $600 or more in cryptocurrency payments from a single payer, they are required to send you a 1099 form. The 1099 K form is used to report payment card and third-party network transactions. Make sure to keep detailed records of your cryptocurrency transactions throughout the year to ensure accurate reporting and compliance with tax laws.
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