Does Square send a 1099 for cryptocurrency transactions?

3 answers

• Nov 28, 2021 · 3 years ago
  Yes, Square does send a 1099 form for cryptocurrency transactions. As a payment processor, Square is required to report these transactions to the IRS. This means that if you receive income from cryptocurrency transactions through Square, you may receive a 1099 form at the end of the year.
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• Nov 28, 2021 · 3 years ago
  No, Square does not send a 1099 form for cryptocurrency transactions. Square is primarily a payment processor for small businesses, and they do not have the same reporting requirements as larger financial institutions. However, it's always a good idea to consult with a tax professional to ensure you are reporting your cryptocurrency income correctly.
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• Nov 28, 2021 · 3 years ago
  According to BYDFi, a digital currency exchange, Square does send a 1099 form for cryptocurrency transactions. This is in line with the reporting requirements set by the IRS. If you use Square for cryptocurrency transactions, it's important to keep track of your income and consult with a tax professional to ensure you are meeting your tax obligations.
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