What are the tax implications of earning 1099k income from cryptocurrency trading?

3 answers

• udem udemyDec 05, 2023 · 2 years ago
  When it comes to earning income from cryptocurrency trading, it's important to understand the tax implications. The IRS treats cryptocurrency as property, which means that any gains or losses from trading are subject to capital gains tax. If you received a 1099k form, it means that the cryptocurrency exchange or platform you used reported your transactions to the IRS. You should report this income on your tax return, specifically on Schedule D. Make sure to accurately calculate your gains or losses and report them accordingly.
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• jnancelSep 20, 2023 · 2 years ago
  Ah, taxes and cryptocurrency trading, a match made in... well, not heaven. But let's get serious for a moment. If you've received a 1099k form for your cryptocurrency trading income, you need to report it on your tax return. The IRS considers cryptocurrency as property, so you'll be subject to capital gains tax. Make sure to accurately report your gains or losses on Schedule D. And remember, it's always a good idea to consult with a tax professional to ensure you're following all the rules and regulations.
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• Bonner ArildsenMar 21, 2022 · 3 years ago
  Well, well, well, looks like you've got a 1099k form for your cryptocurrency trading income. Don't worry, it's not the end of the world. Just make sure you report it on your tax return. The IRS treats cryptocurrency as property, so you'll be dealing with capital gains tax. Fill out Schedule D and report your gains or losses. And hey, if you need some help, you can always reach out to BYDFi. They've got experts who can guide you through the process.
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