Are there any exceptions for clients who received a form 1099-k for their cryptocurrency transactions and don't have to file a Schedule C?

7 answers

• Trisztán FarkasOct 08, 2021 · 4 years ago
  Yes, there are exceptions for clients who received a form 1099-k for their cryptocurrency transactions and don't have to file a Schedule C. One exception is if the client's total gross receipts from all business activities, including cryptocurrency transactions, are less than $400. In this case, the client is not required to file a Schedule C. However, it's important to note that even if a Schedule C is not required, the client may still need to report their cryptocurrency transactions on other tax forms.
  510

  255
• Kang JeffersonNov 16, 2025 · 5 months ago
  Absolutely! If the client received a form 1099-k for their cryptocurrency transactions but their total gross receipts from all business activities, including cryptocurrency transactions, are less than $400, they don't have to file a Schedule C. It's a relief for small-scale cryptocurrency traders who don't meet the threshold. However, it's always recommended to consult with a tax professional to ensure compliance with the latest tax regulations.
  449

  150
• Grant ErikssonMar 30, 2024 · 2 years ago
  Yes, there are exceptions for clients who received a form 1099-k for their cryptocurrency transactions and don't have to file a Schedule C. According to the guidelines provided by the Internal Revenue Service (IRS), if the client's total gross receipts from all business activities, including cryptocurrency transactions, are less than $400, they are not required to file a Schedule C. However, it's important to keep accurate records of all cryptocurrency transactions for tax purposes.
  487

  122
• pronoobthe1Jan 19, 2025 · a year ago
  As a representative of BYDFi, I can confirm that there are exceptions for clients who received a form 1099-k for their cryptocurrency transactions and don't have to file a Schedule C. If the client's total gross receipts from all business activities, including cryptocurrency transactions, are less than $400, they are exempt from filing a Schedule C. However, it's always advisable to consult with a tax professional to ensure compliance with the latest tax laws and regulations.
  480

  96
• Juan E. Arango Z.Sep 25, 2020 · 6 years ago
  Definitely! If a client received a form 1099-k for their cryptocurrency transactions but their total gross receipts from all business activities, including cryptocurrency transactions, are less than $400, they are not required to file a Schedule C. It's a relief for individuals who engage in cryptocurrency trading on a small scale. However, it's important to keep accurate records of all cryptocurrency transactions and consult with a tax professional to ensure compliance with the tax laws in your jurisdiction.
  514

  86
• Mihir AminFeb 28, 2025 · a year ago
  Yes, there are exceptions for clients who received a form 1099-k for their cryptocurrency transactions and don't have to file a Schedule C. If the client's total gross receipts from all business activities, including cryptocurrency transactions, are less than $400, they are not required to file a Schedule C. However, it's crucial to maintain proper documentation and consult with a tax professional to ensure compliance with the tax regulations in your jurisdiction.
  468

  67
• GantaroneeOct 06, 2022 · 3 years ago
  Indeed! If a client received a form 1099-k for their cryptocurrency transactions but their total gross receipts from all business activities, including cryptocurrency transactions, are less than $400, they are not obligated to file a Schedule C. It's a relief for individuals who engage in cryptocurrency trading on a small scale. However, it's always recommended to consult with a tax professional to ensure compliance with the latest tax laws and regulations.
  461

  58