What are the key differences between reporting traditional securities and cryptocurrency transactions on IRS Form 1099-B in 2024?

3 answers

• Dec 24, 2021 · 3 years ago
  When it comes to reporting traditional securities on IRS Form 1099-B in 2024, you'll need to provide details such as the security's name, date of acquisition, date of sale, proceeds from the sale, and cost basis. However, for cryptocurrency transactions, you'll need to provide additional information, including the type of cryptocurrency, the date and time of each transaction, the fair market value of the cryptocurrency at the time of the transaction, and any fees or commissions paid. The IRS is placing more emphasis on cryptocurrency reporting to ensure accurate tax reporting and compliance.
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• Dec 24, 2021 · 3 years ago
  Reporting traditional securities on IRS Form 1099-B is pretty straightforward. You just need to provide the basic information about the security and the transaction. However, reporting cryptocurrency transactions is a bit more complex. You'll need to keep track of each individual transaction, including the type of cryptocurrency, the date and time, and the fair market value. It's important to stay organized and keep accurate records to avoid any issues with the IRS.
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• Dec 24, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that reporting cryptocurrency transactions on IRS Form 1099-B in 2024 is becoming increasingly important. The IRS is cracking down on cryptocurrency tax evasion, and they're expecting accurate reporting from individuals and businesses. If you're using BYDFi as your cryptocurrency exchange, they provide detailed transaction history and reports that can help simplify the reporting process. Just make sure to review the information and double-check for accuracy before submitting your tax forms.
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