The short answer
| What it reports | Sales of digital assets you effect as a broker. |
|---|---|
| Amounts to report | All amounts |
| To the recipient | February 15 |
| To the IRS, on paper | February 28 |
| To the IRS, electronically | March 31 |
If one arrives
Proceeds are not gain. Basis is reported only for covered assets the broker custodied; anything moved in from your own wallet arrives with no basis, and supplying it is yours to do.
The form is how a payer tells the IRS what it paid. Its absence is not permission — income you received is reportable whether or not a form covers it, and a threshold decides only who must file, never what you owe.
If you have to send one
Brokers file this. You do not, unless you are one.
Electronic filing is required once you file 10 information returns, counting every type together — eight 1099-NECs and four 1099-MISCs is twelve, not eight.
This page is for educational purposes only and does not constitute tax, legal, or financial advice. It covers United States federal reporting. Consult a qualified tax professional about your situation.