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?
You'll need to sign in or create an account to connect with an expert.
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.
true.
any tips how to import it to turbo tax?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
CA_Tax_Man
Level 2
MelissaSmBizOwner
New Member
pacalogero
New Member
tyler_barbee-yah
New Member
ericalove1001
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.