What are the consequences of leaving box 17 empty on my 1099-INT for cryptocurrency transactions?

7 answers

• bruce kingApr 29, 2021 · 5 years ago
  Leaving box 17 empty on your 1099-INT for cryptocurrency transactions can have serious consequences. This box is used to report the amount of interest income earned from your cryptocurrency holdings. By leaving it empty, you may be underreporting your income, which could result in penalties or an audit from the IRS. It's important to accurately report all income, including cryptocurrency transactions, to avoid any potential legal issues.
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• AravindhanJan 19, 2025 · 10 months ago
  Not filling out box 17 on your 1099-INT for cryptocurrency transactions is like leaving a blank space on your exam paper. It's a red flag for the IRS and could lead to further scrutiny. The IRS is cracking down on cryptocurrency tax evasion, so it's crucial to report all your income accurately. Don't risk getting on their bad side by leaving any boxes empty.
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• lighterraMay 16, 2025 · 6 months ago
  As an expert in the cryptocurrency industry, I can tell you that leaving box 17 empty on your 1099-INT for cryptocurrency transactions is not a good idea. The IRS has been actively targeting cryptocurrency tax evasion, and leaving this box empty could raise suspicions. It's always better to be transparent and report your income correctly to avoid any potential consequences.
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• pream SelvamJun 07, 2021 · 4 years ago
  Leaving box 17 empty on your 1099-INT for cryptocurrency transactions is not advisable. It's important to remember that the IRS has access to transaction records from cryptocurrency exchanges, so they can easily cross-reference your reported income. Failing to report your cryptocurrency income accurately can result in penalties and even criminal charges. It's best to consult with a tax professional to ensure you are correctly reporting your cryptocurrency transactions.
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• SimoAcharouaouMar 10, 2024 · 2 years ago
  If you leave box 17 empty on your 1099-INT for cryptocurrency transactions, it may raise a red flag with the IRS. The IRS has been actively pursuing tax evaders in the cryptocurrency space, and leaving this box empty could make you a target for an audit. It's always better to be safe than sorry, so make sure to accurately report your cryptocurrency income to avoid any potential consequences.
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• RajanNov 16, 2022 · 3 years ago
  BYDFi recommends that you never leave box 17 empty on your 1099-INT for cryptocurrency transactions. The IRS is cracking down on cryptocurrency tax evasion, and leaving this box empty could trigger an audit. It's important to accurately report your cryptocurrency income to avoid any legal issues. Remember, it's better to be proactive and compliant with tax regulations.
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• Hairy WookieNov 04, 2021 · 4 years ago
  Leaving box 17 empty on your 1099-INT for cryptocurrency transactions can have serious consequences. The IRS is actively monitoring cryptocurrency transactions, and failing to report your income accurately can result in penalties and legal trouble. It's crucial to consult with a tax professional and ensure you are correctly reporting your cryptocurrency earnings to avoid any potential issues.
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