What are the consequences of not reporting cryptocurrency on my taxes?

3 answers

• Alford MogensenAug 04, 2021 · 4 years ago
  Failing to report cryptocurrency transactions on your tax returns can have serious consequences. The IRS treats cryptocurrency as property, which means that any gains or losses from its sale or exchange are subject to taxation. If you don't report your cryptocurrency transactions, you may face penalties, fines, or even criminal charges for tax evasion. It's important to keep accurate records of your cryptocurrency transactions and report them properly to avoid these consequences.
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• Turner FaulknerDec 29, 2024 · a year ago
  Not reporting cryptocurrency on your taxes is a risky move. The IRS has been cracking down on cryptocurrency tax evasion in recent years, and they have the tools to track your transactions. If they discover that you haven't reported your cryptocurrency income, you could be audited and face penalties and interest on the unpaid taxes. It's always better to be honest and report your cryptocurrency transactions to avoid these potential consequences.
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• David WilsonAug 03, 2024 · a year ago
  As an expert in the cryptocurrency industry, I can tell you that not reporting your cryptocurrency transactions on your tax returns is not a good idea. The IRS has been actively targeting cryptocurrency tax evasion, and they have the resources to track down unreported income. If you fail to report your cryptocurrency transactions, you could face penalties, fines, and even criminal charges. It's important to stay compliant with tax laws and report your cryptocurrency income accurately to avoid these consequences. At BYDFi, we prioritize compliance and help our users understand their tax obligations when it comes to cryptocurrency.
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