What are the tax implications of receiving a 1099-B notice for cryptocurrency trades?

1 answers

• Nov 26, 2021 · 3 years ago
  Hey there! So, you got a 1099-B notice for your cryptocurrency trades? That means the IRS knows what you've been up to! Cryptocurrency is treated as property, not currency, by the IRS, which means you'll need to report your trades and pay capital gains tax on any profits. Each trade needs to be reported individually, including the dates and values. Don't forget to keep track of your cost basis and proceeds. If you're not sure how to handle it, consider seeking advice from a tax professional. They can help you navigate the tax implications and ensure you stay on the right side of the IRS.
  594297