What are the reporting requirements for 1099 misc income from cryptocurrency transactions?

1 answers

• Dec 28, 2021 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi does not provide tax advice. However, when it comes to reporting 1099 miscellaneous income from cryptocurrency transactions, it's important to follow the guidelines set by the IRS. The IRS treats cryptocurrency as property, so any gains or losses from cryptocurrency transactions are subject to capital gains tax. You should receive a 1099 misc form from the cryptocurrency exchange or platform you used to conduct your transactions. This form will provide you with the necessary information to report your earnings, such as the amount of income earned and the date of the transaction. Make sure to include this information on Schedule D of your tax return. If you have any questions or concerns, it's always best to consult with a tax professional who can provide you with personalized advice based on your specific situation.
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