How did the 1099 limits for cryptocurrency transactions change in 2014?

1 answers

• ADARSH ANANDMay 08, 2023 · 2 years ago
  When it comes to the 1099 limits for cryptocurrency transactions, 2014 was a turning point. The IRS decided to tighten the reporting requirements by lowering the threshold from $600 to $200. This meant that individuals and businesses who received $200 or more in cryptocurrency payments had to report these transactions on their tax returns. The purpose of this change was to ensure that cryptocurrency transactions were properly accounted for and taxed. It's crucial for anyone involved in cryptocurrency transactions to stay informed about these reporting requirements to avoid any unwanted surprises from the IRS.
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