BTC Tax implication question

[BigJay]

I’ve read a few threads on this subject and am still confused.

My state doesn’t tax crypto yet so that’s not the issue.

Gemini says they’ll send you a 1099-K if you meet both criteria:

-200 or more digital asset sales transactions.

AND

-Customer’s total sales proceeds from all sales transactions exceeds $20,000 per year.


Does this mean if I only have 10 or 12 sales on Gemini but I have 30k or 40k in BTC sales this year I won’t get a 1099-K?

Also, is it net sales? Do they subtract the BTC bought? Because my net sales is probably about 12-14k or so. Doesn’t make sense they’d only factor in sales and not how much you bought.

Thanks!

[Arky]

I don't know and I'm not sure if anyone here can answer but please give an update in late Jan/early Feb whether you received the 1099-K or not. I think some of us are going to be in your situation soon and need to know if the scenario is really "and" or is it "or".

I don't think net sales applies.... the IRS does a lot of stuff that doesn't make sense or more appropriately, is unfair and greedy.