Does BlockFi issue 1099 forms?

Like many other cryptocurrency exchanges, BlockFi issues 1099 forms to customers and the IRS. If you don’t report income that’s been reported on Form 1099, it’s likely that you will receive a warning letter from the IRS. Does BlockFi send tax forms? BlockFi does send tax forms to its users.

What is BlockFi (BlockFi)?

BlockFi is a US-based cryptocurrency wallet and exchange. It offers crypto investors low transaction fees and interest on assets like Ethereum, Bitcoin, and various stablecoins. BlockFi was founded in 2017. The company has received funding from investors such as Coinbase Ventures, Pomp Investments, and Bain Capital Management.

What is the US Tax Form 1099-MISC?

– BlockFi According to the IRS, earning income on crypto is considered a taxable event in the US, and cryptocurrencies are generally treated as property (similar to gold or shares in publicly owned companies) for tax purposes.

What is a 1099 in QuickBooks?

What is a 1099? Types, details, and who receives one | QuickBooks A 1099 is a tax form that is used to record nonemployee income. There are several types of 1099s used for different purposes, and Form 1099-MISC is often considered a catchall for income that doesn’t fit into other categories.