Who sends 1099-S for cryptocurrency transactions?

5 answers

• Maria RomanovaDec 30, 2021 · 4 years ago
  The responsibility of sending 1099-S forms for cryptocurrency transactions lies with the cryptocurrency exchanges. When you engage in cryptocurrency transactions, the exchanges are required to report these transactions to the IRS using the 1099-S form. This form provides information about the sale or exchange of cryptocurrency and helps the IRS track taxable events. It is important to note that not all cryptocurrency transactions require the issuance of a 1099-S form, but it is the responsibility of the exchanges to determine which transactions meet the reporting criteria.
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• Hiranya PereraFeb 13, 2025 · 7 months ago
  Cryptocurrency exchanges are responsible for sending 1099-S forms for cryptocurrency transactions. These forms are used to report the sale or exchange of cryptocurrency to the IRS. The exchanges are required to provide information about the transactions, including the date, amount, and type of cryptocurrency involved. This helps the IRS ensure that individuals are accurately reporting their cryptocurrency gains and losses for tax purposes. If you engage in cryptocurrency transactions, it is important to keep track of your transactions and consult with a tax professional to understand your reporting obligations.
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• Pradip PatelJul 12, 2023 · 2 years ago
  As a third-party cryptocurrency exchange, BYDFi is responsible for sending 1099-S forms for cryptocurrency transactions. When you buy or sell cryptocurrency on BYDFi, the exchange will report these transactions to the IRS using the 1099-S form. This form helps the IRS track taxable events and ensures that individuals are accurately reporting their cryptocurrency gains and losses. If you have any questions about your tax obligations related to cryptocurrency transactions on BYDFi, it is recommended to consult with a tax professional.
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• Touseef BashirAug 17, 2020 · 5 years ago
  The responsibility of sending 1099-S forms for cryptocurrency transactions lies with the respective cryptocurrency exchanges. Each exchange is required to report the relevant transactions to the IRS using the 1099-S form. This form provides information about the sale or exchange of cryptocurrency and helps the IRS track taxable events. It is important to note that different exchanges may have different reporting requirements, so it is advisable to consult the specific exchange's documentation or contact their support team for more information.
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• Hiranya PereraNov 17, 2024 · 9 months ago
  Cryptocurrency exchanges are responsible for sending 1099-S forms for cryptocurrency transactions. These forms are used to report the sale or exchange of cryptocurrency to the IRS. The exchanges are required to provide information about the transactions, including the date, amount, and type of cryptocurrency involved. This helps the IRS ensure that individuals are accurately reporting their cryptocurrency gains and losses for tax purposes. If you engage in cryptocurrency transactions, it is important to keep track of your transactions and consult with a tax professional to understand your reporting obligations.
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