You may be responsible for taxes on certain transactions you make while using LVL crypto services. LVL provides several reports and emails to assist you with preparing your taxes. These reports and emails do not constitute tax advice. Consult with your tax advisor regarding your personal financial circumstances.
A 1099-K is a transaction report that is provided to both the IRS and you if you meet certain transaction thresholds in a given year. LVL provides 1099-K’s to the IRS and you based on transaction thresholds set by state and federal governments, depending on your state of residency.
LVL does not provide 1099-B’s. You will receive an email with your calculated reportable gains or losses.
LVL does not provide a completed 8949 tax document. You will receive an 8949 Equivalent cost basis calculation as a spreadsheet by email. You may be able to submit the 8949 Equivalent directly to the IRS in place of a completed 8949 form. Consult with your tax advisor before sending any LVL forms to the IRS.
For some LVL users, especially users that trade on multiple platforms, it may be necessary to calculate your capital gains using information from multiple platforms. LVL provides a spreadsheet of your complete transaction history along with your calculated gains or losses and 8949 Equivalent.
Information provided by LVL does not constitute legal or tax advice. Tax laws and regulations change frequently, and their application can vary widely based on the specific facts and circumstances involved. You are responsible for consulting with your own professional tax advisor concerning your specific tax circumstances. Samsa Technologies, Inc. disclaims any responsibility for the accuracy or adequacy of any positions you take in your tax returns.