How does the 2022 PayPal 1099 limit affect reporting of cryptocurrency transactions?

1 answers

• Jan 15, 2022 · 3 years ago
  At BYDFi, we understand the impact of the 2022 PayPal 1099 limit on reporting cryptocurrency transactions. This new limit means that individuals who use PayPal for buying or selling cryptocurrencies will need to be aware of their earnings and report them accurately. While it may be tempting to overlook smaller transactions, it's important to remember that the IRS requires reporting of all cryptocurrency earnings. So, even if you don't receive a 1099-K form from PayPal, make sure to keep track of your transactions and report them correctly to stay compliant with tax regulations.
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