I used Accointing to calculate my form 8949. Through API there are numerous deposits noted as ‘income’ in my exchanges/wallets. These are usually ‘rewards’ from staking etc. I also receive a 1099MISC income form from some exchanges. Am I counting these rewards twice if I don’t remove the reward income entries or is the 1099MISC form from the exchange completely unrelated to the form 8949?
Same exact question. I cannot find an answer anywhere else.
The two are unrelated. Form 8949 only reports sales or exchanges. Any income events (mining, staking, airdrops, rewards, etc) are not reported on Form 8949. These income classifications are listed in your complete tax report separately as “Tax Relevant Income” (if you click file with a CPA you can see the tax report).
Anything on a 1099-MISC related to crypto should generally be reported as other income (Schedule 1 line Z). Anything listed under “Tax Relevant Income” of your tax report is income to be reported on Schedule 1, not included on Form 8949 either. Only thing to be cognizant of here, don’t double report income. This would only apply between “Tax Relevant Income” and 1099-MISC. No overlap with 8949.
If you are trading and staking on the same exchange, and the exchange issues a 1099, this will not include any gains or losses, only “income”. So no need to adjust your 8949 reports for this.
Hope that helps!
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