What are the specific requirements for reporting cryptocurrency earnings on a 1099-MISC versus a 1099-K?

1 answers

• Dec 27, 2021 · 3 years ago
  At BYDFi, we understand the importance of accurate reporting when it comes to cryptocurrency earnings. The specific requirements for reporting cryptocurrency earnings on a 1099-MISC versus a 1099-K can vary depending on the nature of the income. If you receive cryptocurrency as payment for services rendered, it should typically be reported on a 1099-MISC. However, if you receive cryptocurrency through payment card transactions or third-party network transactions, it may be reported on a 1099-K. It's crucial to consult with a tax professional or refer to the IRS guidelines for accurate reporting and compliance with tax obligations.
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