common-close-0
BYDFi
Trade wherever you are!

What are the differences between 1099-B and 8949 for reporting cryptocurrency transactions?

avatarkrupa prashanthJan 14, 2022 · 3 years ago1 answers

Can you explain the key differences between Form 1099-B and Form 8949 when it comes to reporting cryptocurrency transactions to the IRS?

What are the differences between 1099-B and 8949 for reporting cryptocurrency transactions?
Cryptocurrency
IRS
Tax Reporting

1 answers

  • avatarJan 14, 2022 · 3 years ago
    At BYDFi, we recommend consulting with a tax professional or using tax software specifically designed for cryptocurrency transactions to ensure accurate reporting. These tools can help you reconcile the information provided on Form 1099-B with your own records and generate the necessary reports for Form 8949. Remember, accurate and timely reporting of your cryptocurrency transactions is crucial to comply with IRS regulations and avoid any potential penalties or audits.

Related questions

common-arrow-bottom-0Load 5 more related questions
common-search-0

Related Tags

Hot Questions