READ: 1099-K IS **NOT** TAXABLE INCOME

Please CDC have this stickied. There are a lot of people that they have just received this form and are going crazy. I literally saw someone threatening to do a class action suit. No people, you don't owe taxes on $800K.

1099-K is USELESS to determine your tax liability. All that this does is sum all transactions that you have made. Imagine if your credit card issued you a report that said "you spent $50,000 this year". That's what the 1099-K does. It's simply adding every single transaction.

If you use crypto.com earn, EVERY TRANSACTION counts. This means: putting your coin in a term, having that term expire and have the coin sent back to your wallet, and putting it back in. You will see that each 3 months the amount of the boxes is really high compared to the rest.

Re: Why did I get the 1099K if I have just $2000 transactions? You live in a state that doesn't use the 200 tx AND $20K rule.

Import your transactions to koinly or even tax.crypto.com and regain your sanity. Instead, I would ask CDC to issue a 1099-MISC, 1099-INT or 1099-B as any of these will be much more useful!