Can I use a W8 form instead of a W9 form for receiving cryptocurrency payments?

3 answers

• Muhammed AshiqueOct 19, 2024 · 10 months ago
  Yes, you can use a W8 form instead of a W9 form for receiving cryptocurrency payments. The W8 form is typically used by non-U.S. individuals or entities, while the W9 form is used by U.S. individuals or entities. When it comes to cryptocurrency transactions, the choice between the two forms depends on your tax residency status and whether you are subject to U.S. tax laws. It's important to consult with a tax professional to determine which form is appropriate for your situation.
  483

  242
• jerald lisingAug 20, 2021 · 4 years ago
  No, you cannot use a W8 form instead of a W9 form for receiving cryptocurrency payments. The W8 form is specifically designed for non-U.S. individuals or entities, while the W9 form is for U.S. individuals or entities. If you are a U.S. taxpayer, you are required to use the W9 form for reporting your cryptocurrency income. Failing to do so may result in penalties and legal consequences. It's always best to comply with the tax regulations of your country to avoid any issues.
  478

  160
• Meghan Moira LanningFeb 14, 2025 · 6 months ago
  Using a W8 form instead of a W9 form for receiving cryptocurrency payments is not recommended. While the W8 form is intended for non-U.S. individuals or entities, cryptocurrency transactions are subject to specific tax regulations that may require the use of the W9 form for reporting purposes. It's important to consult with a tax professional or seek guidance from the relevant tax authorities to ensure compliance with the applicable tax laws. Failing to use the correct form may result in incorrect reporting and potential legal consequences.
  546

  137