Do forex brokers need to disclose cryptocurrency trading activities to the IRS?

3 answers

• Agent KwabbelJun 15, 2024 · a year ago
  Forex brokers need to disclose their cryptocurrency trading activities to the IRS because it is a legal requirement. The IRS considers cryptocurrencies as property, and any gains or losses from trading must be reported for tax purposes. Failure to disclose these activities can result in penalties and legal consequences.
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• EGONJul 17, 2021 · 4 years ago
  Yes, forex brokers are required to disclose their cryptocurrency trading activities to the IRS. Cryptocurrencies are subject to taxation, and the IRS expects individuals and businesses, including forex brokers, to report their trading activities and pay taxes accordingly. Non-compliance can lead to audits and penalties.
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• olinolíviaOct 06, 2021 · 4 years ago
  As a representative of BYDFi, I can confirm that forex brokers are indeed required to disclose their cryptocurrency trading activities to the IRS. This is to ensure compliance with tax regulations and to maintain transparency in the financial industry. Failure to do so can have serious consequences for both the broker and their clients.
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