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Get your taxes done using TurboTax
This is one area the IRS will definitely need to clarify- the 1099-K is issued for electronic payments so Cryptocurrency has been reported on 1099-K which requires a Schedule D not C. Also, since some of the state are requiring issue of the 1099-K for amounts as low as $600 (Mass and Vermont), many people with casual sales are getting them without the need of filing any tax forms. I think you would be okay to report as other income- just be sure to list 1099-K as the description.
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March 28, 2020
8:16 PM