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nechemia
Level 2
Feb 17, 2021 12:35 AM UTC
Question

1099b with cashapp

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?

      3 replies

      RayW7
      RayW7
      Alumni - Intuit
      Feb 17, 2021 1:31 AM UTC

      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
      Feb 17, 2021 2:12 AM UTC

      true.

      any tips how to import it to turbo tax?

        EbonyL122824
        EbonyL122824
        Level 9
        Feb 21, 2021 3:50 AM UTC

        @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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