Our crypto partner, Gemini, will deliver Forms 1099-K to U.S citizens who meet both of the following conditions:
- Your Digital Asset-for-USD sales on the exchange exceed 200 transactions during the calendar year, AND
- Your total sales proceeds from all sales of Digital Asset-for-USD exceed $20,000 during the calendar year.
If your account has met both of the thresholds above, you will receive a Form 1099-K by email from Track1099 (on behalf of Gemini) before the end of January. An identical copy of the Account’s Form 1099-K will be filed with the IRS.
*If you live in Massachusetts or Vermont, you will receive a Form 1099-K when your total sales proceeds from all sales of Digital Asset-for-USD exceeds $600 during the calendar year (regardless of the number of Digital Asset-for-USD sales trades executed).
*We do not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.