James McCoyNov 30, 2021 · 3 years ago8 answers What are the tax implications of using digital currencies like Bitcoin for 1099K reporting instead of PayPal?
What are the potential tax consequences when using digital currencies such as Bitcoin for 1099K reporting instead of PayPal? How does the IRS view digital currencies in terms of tax reporting? Are there any specific rules or guidelines that need to be followed? What are the differences between reporting digital currency transactions and PayPal transactions for tax purposes?