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In what tax year can taxpayers expect to receive reporting documents, such as Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, for digital assets? Tax Year 2021. Tax Year 2022. Tax Year 2023. Tax Year 2024.

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taxpayers can expect to receive reporting documents, such as Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, for digital assets in Tax Year 2023.

How does form 1099-B work?

You can handle capital gains and losses on your tax return with the aid of the 1099-B. Normally, when you make a profit on the sale of an item for more than you paid for it, it is considered a capital gain and may be subject to taxation. The opposite is also true: if you sell something for less than you purchased for it, you may have a capital loss that you can utilise to lower your taxable capital gains or other income.

Capital gains taxes are normally paid using Schedule D together with your income tax return.

If necessary, Schedule D and Form 8949 can be filled out using the information from Form 1099-B.

To know more about form 1099-B, visit:

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