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How does receiving a 1099 from Cash App affect my cryptocurrency tax obligations?

avatarSammie Boatright SmithDec 18, 2021 · 3 years ago2 answers

What are the implications of receiving a 1099 from Cash App on my cryptocurrency tax obligations?

How does receiving a 1099 from Cash App affect my cryptocurrency tax obligations?
Cryptocurrency
Tax
Cash App

2 answers

  • avatarDec 18, 2021 · 3 years ago
    Receiving a 1099 from Cash App indicates that the IRS has been notified of your cryptocurrency transactions. This means that you are required to report these transactions on your tax return and pay any applicable taxes. It's important to accurately report your cryptocurrency income and keep records of your transactions to avoid any penalties or audits from the IRS. If you have received a 1099 from Cash App, consult with a tax professional to ensure you are meeting your tax obligations.
  • avatarDec 18, 2021 · 3 years ago
    Receiving a 1099 from Cash App means that the IRS has been notified of your cryptocurrency transactions. This has implications for your tax obligations, as you are required to report your cryptocurrency income and pay any applicable taxes. It's important to accurately report your transactions and keep records to avoid any issues with the IRS. If you have received a 1099 from Cash App, consider consulting with a tax professional to ensure you are fulfilling your tax obligations.

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