Is using 1099-k for cryptocurrency transactions the same as using 1099-misc?

3 answers

• Dec 18, 2021 · 3 years ago
  Yes, you can use 1099-k for reporting your cryptocurrency transactions. However, it's important to note that 1099-k is typically used for reporting payment card and third-party network transactions. While some cryptocurrency exchanges may issue 1099-k forms, it's recommended to consult with a tax professional to ensure compliance with IRS guidelines.
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• Dec 18, 2021 · 3 years ago
  No, using 1099-k for cryptocurrency transactions is not the same as using 1099-misc. 1099-misc is used for reporting miscellaneous income, such as freelance earnings or rental income. Cryptocurrency transactions are considered property transactions and should be reported using the appropriate tax forms, such as Schedule D and Form 8949. It's always best to consult with a tax professional for accurate guidance on reporting cryptocurrency transactions.
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• Dec 18, 2021 · 3 years ago
  As a representative of BYDFi, I can confirm that using 1099-k for cryptocurrency transactions is not recommended. It's important to accurately report your cryptocurrency transactions using the appropriate tax forms, such as 1099-misc or other forms recommended by the IRS. Failing to do so may result in penalties or audits. We advise consulting with a tax professional for proper guidance on reporting cryptocurrency transactions.
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