1099b with cashapp

Forum|Forum|5 years ago
February 17, 2021
1 reply
3 views

I have a 1099b from Cashapp for selling bitcoin. for some reason the turbotax freedom edition is not really being clear on how to file it.

also, its only for 2.66$. so its not taxable. do I even have to report it?

RayW7

Level 12

Unfortunately, there is not a minimum dollar amount to file it. Even though your gain is very small, the IRS may only receive the Proceeds/Sales amount.

If that happens, they will send you a bill for taxes on the full amount of the proceeds, not just the gain.

Also, there may be underpayment penalties and interest...and you may have to amend your tax return to prove your gain is minimal.

It's best to just report it and have a clean and accurate tax return.

nechemiaAuthor

Level 2

true.

any tips how to import it to turbo tax?

EbonyL122824

Level 9

@nechemia Follow the instructions in the TurboTax FAQ here to import your 1099. If you need further assistance, contact customer support here.

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1099b with cashapp

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