What is the 1099-K form and why did I receive one?

Crypto.com is required to provide you with 1099-K form for informational purposes.Your buy, sell and exchange activities on our platform are subject to reporting if the gross proceeds from these transactions meet or exceed your state’s thresholds. For most states, the threshold is set by the IRS at $20,000 USD and 200 transactions in a calendar year. If you reside in any of the states listed below, the thresholds are lower: 

Arkansas                                   $2,500
District of Columbia                  $600
Massachusetts                          $600
Mississippi                                 $600
Missouri                                     $1,200
New Jersey                               $1,000
Vermont                                     $600

Why is the gross amount higher than what I’ve spent on crypto?

The 1099-K reflects the gross volume of your cryptocurrency buy, sell and exchange activity on the Crypto.com platform throughout the year. Frequent transactions of smaller amounts may add up to a large total.

Do I have to pay tax on those transactions?

The 1099-K form reflects the gross volume of your transactions on the platform and is provided to you and the tax authorities for informational purposes. To determine which part of the gross volume listed on your 1099-K is taxable, please to consult your tax advisor.

When can I expect to receive the 1099-K?

If your transactional activity met the thresholds, you should receive it on or before January 31st.

Will I receive any notification that a 1099-K has been sent to me?

You will receive the form itself on or before January 31st of the year following the reporting year.

How will the 1099-K form be sent, email or by mail?

We will send the form to you by email, to your latest email address that we have on record. If you need a paper version, please follow the instructions from the email and you will receive a paper copy as well.

How can I check my transaction history?

You can download your transaction history directly from the app.

Do you report to the IRS?

The 1099-K form will be filed with the IRS.

Important notice: Crypto.com does not provide tax advice. This FAQ has been prepared for informational purposes only, not as a recommendation or advice. Please consult a tax advisor regarding your personal tax situation. 

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