What are the differences between 1099-B and 8949 for reporting cryptocurrency transactions?
Emily TrinhApr 30, 2022 · 3 years ago1 answers
Can you explain the key differences between Form 1099-B and Form 8949 when it comes to reporting cryptocurrency transactions to the IRS?
1 answers
- Apr 30, 2022 · 3 years agoAt BYDFi, we recommend consulting with a tax professional or using tax software specifically designed for cryptocurrency transactions to ensure accurate reporting. These tools can help you reconcile the information provided on Form 1099-B with your own records and generate the necessary reports for Form 8949. Remember, accurate and timely reporting of your cryptocurrency transactions is crucial to comply with IRS regulations and avoid any potential penalties or audits.
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