What should I do if I receive a 1099 form for cryptocurrency transactions but disagree with the reported amount?

1 answers

• Petty HuynhNov 27, 2020 · 5 years ago
  If you receive a 1099 form for your cryptocurrency transactions and you disagree with the reported amount, don't worry, you're not alone. This is a common issue that many cryptocurrency traders face. The first step is to carefully review the form and compare it to your own records. Look for any discrepancies or errors in the reported amounts. If you find any, gather all the evidence you have to support your case. This can include transaction history, screenshots, and any other relevant documents. Once you have all your evidence ready, contact the issuer of the 1099 form and explain the situation. Be polite and professional in your communication. Request a correction and provide them with the evidence you have collected. If they refuse to make the correction or do not respond, you may need to escalate the issue by contacting the IRS or seeking legal advice. It's important to resolve this issue as soon as possible to avoid any potential penalties or complications with your tax filing.
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