Should I report my 1099-S earnings from cryptocurrency on my tax return?

9 answers

• berihu tesfayAug 16, 2020 · 5 years ago
  Yes, you should report your 1099-S earnings from cryptocurrency on your tax return. The IRS considers cryptocurrency as property, and any gains or losses from its sale or exchange are subject to taxation. Failure to report your earnings can result in penalties, fines, and even criminal charges for tax evasion. It's important to accurately report your cryptocurrency earnings to avoid any legal issues.
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• LinHanJiSep 01, 2023 · 2 years ago
  Reporting your 1099-S earnings from cryptocurrency on your tax return is crucial. The IRS has been cracking down on unreported cryptocurrency income in recent years. By not reporting your earnings, you risk triggering an audit and facing penalties. It's better to be safe than sorry, so make sure to include your cryptocurrency earnings on your tax return.
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• Dobson BirdOct 03, 2020 · 5 years ago
  As a representative of BYDFi, I would advise you to report your 1099-S earnings from cryptocurrency on your tax return. Non-compliance with tax regulations can have serious consequences. The IRS has been actively targeting cryptocurrency users, and failure to report your earnings can lead to audits, penalties, and legal issues. It's always best to stay on the right side of the law and accurately report your cryptocurrency earnings.
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• ClarkJOlieApr 24, 2025 · 4 months ago
  Reporting your 1099-S earnings from cryptocurrency on your tax return is a must. The IRS has been ramping up its efforts to ensure cryptocurrency users are properly reporting their income. Failing to report your earnings can result in hefty fines and penalties. Don't take the risk of getting caught, make sure to include your cryptocurrency earnings on your tax return.
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• nore plyJun 20, 2020 · 5 years ago
  Absolutely! You should definitely report your 1099-S earnings from cryptocurrency on your tax return. The IRS has been cracking down on unreported cryptocurrency income, and they have the tools to track your transactions. Failure to report your earnings can result in penalties and legal consequences. It's better to be honest and transparent with your tax reporting.
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• Raj KiranFeb 08, 2024 · 2 years ago
  Yes, you should report your 1099-S earnings from cryptocurrency on your tax return. The IRS has been actively pursuing cryptocurrency tax evaders and non-compliance can lead to serious consequences. Make sure to accurately report your earnings to avoid any issues with the IRS.
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• Gopalan OppiliappanNov 18, 2022 · 3 years ago
  It is important to report your 1099-S earnings from cryptocurrency on your tax return. The IRS has been increasing its scrutiny on cryptocurrency transactions and failure to report your earnings can result in penalties and legal repercussions. Stay compliant and include your cryptocurrency earnings on your tax return.
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• JOSE EDUARDO CHAVES COSTANov 02, 2022 · 3 years ago
  Reporting your 1099-S earnings from cryptocurrency on your tax return is a requirement. The IRS has made it clear that they expect cryptocurrency users to accurately report their earnings. Failure to do so can result in penalties and legal consequences. Don't take the risk, report your cryptocurrency earnings.
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• Aditya Rohan NarraMar 03, 2021 · 4 years ago
  Yes, you should report your 1099-S earnings from cryptocurrency on your tax return. The IRS has been actively targeting cryptocurrency users for non-compliance. Failure to report your earnings can result in fines, penalties, and even criminal charges. Make sure to accurately report your cryptocurrency earnings to avoid any issues with the IRS.
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