YES,BTC is taxed,just like stocks and bonds
all that requirements are already covered by the marketplace provider-Ebay,Etsy,Amzn,Mercari ,except the full name and physical address of the seller,no one wants to display thei real name and physical address on every item listing.thats why we have seller ID.
AS For 5K and 200 transactions,sales venues will report to IRS and states,nothing new?
$5000 and 200 transactions is not exactly high volume seller
what are they trying to accomplish?sales tax,venue collects sales tax and remit to states,Federal income tax,we get 1099K and report on our income tax return,??/
kind of Johnny come lately.
thats over a year old??They must not know much about e commerce.
if you accept bitcoin as payment ,the dollar equivalent of the bitcoin payment will be reported on your schedule for small business .
If it is a small amount,I doubt IRS will care,it is going after the big whales !
Last edited by TGMT²; 12-17-2021 at 05:39 PM.
Reason: triple posting
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