qbteachmt
Level 15

"gets 1099 Misc or 1099K."

1099-Misc would be if this is considered commissions or royalties. The payers make that determination.

1099-NEC would be if this is considered income. The payers make that determination.

1099-K is from a Payment Settlement Agent, where you are treated as receiving payments from the reporting entity acting as a financial institution to you. The reason you got funds through them could be that you sold a bunch of horses, even, because it based on number of transactions and total processed. I doubt this would apply to Forsage.

K-1 is what you get as the reporting when you are a Partner or Shareholder in an entity. Their tax preparation results in this personalized form being sent to each stakeholders.

You are not a Partner. It's like WalMart hiring people not calling them Employees, but calling them Team Members or Partners. That's just marketing and not the fact of the relationship. Pretty words don't change anything. However, there is no such thing as crowd-sourcing sustainable money gifting; that makes this a pyramid scheme. I would never put any part of this on any tax form.

All of this seems new for 2020. I think you should read this:

https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf

 

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