What are the implications of not receiving a consolidated 1099 from Robinhood this year for my cryptocurrency investments?

3 answers

• Nov 29, 2021 · 3 years ago
  Not receiving a consolidated 1099 form from Robinhood for your cryptocurrency investments can have several implications. Firstly, it may make it more difficult for you to accurately report your cryptocurrency gains and losses on your tax return. Without the consolidated 1099 form, you will need to manually calculate and report each individual transaction, which can be time-consuming and prone to errors. Additionally, not having a consolidated 1099 form may raise red flags with the IRS, potentially increasing the likelihood of an audit. It's important to keep accurate records of your cryptocurrency transactions and consult with a tax professional to ensure compliance with tax laws.
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• Nov 29, 2021 · 3 years ago
  If you don't receive a consolidated 1099 form from Robinhood for your cryptocurrency investments, it's crucial to take proactive steps to accurately report your gains and losses. Keep detailed records of your transactions, including dates, amounts, and any relevant fees. You may need to manually calculate your gains and losses using the information available on the Robinhood platform. It's also advisable to consult with a tax professional who specializes in cryptocurrency taxation to ensure you meet all reporting requirements and minimize the risk of any potential penalties or audits.
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• Nov 29, 2021 · 3 years ago
  Not receiving a consolidated 1099 form from Robinhood for your cryptocurrency investments can be a hassle, but it's not the end of the world. You can still accurately report your gains and losses by keeping detailed records of your transactions. While the consolidated 1099 form simplifies the reporting process, you can manually calculate your gains and losses using the transaction history provided by Robinhood. It's important to consult with a tax professional to ensure you meet all tax obligations and accurately report your cryptocurrency investments.
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