What are the penalties for not reporting cryptocurrencies on taxes?

3 answers

• Angelo Montero JavierJun 10, 2022 · 3 years ago
  Failing to report cryptocurrency transactions on your taxes can have serious consequences. The IRS treats cryptocurrencies as property, so not reporting them is similar to not reporting income. This can result in penalties, fines, and even criminal charges for tax evasion. It's important to accurately report your cryptocurrency transactions to avoid these potential penalties.
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• Raghul KannanAug 20, 2022 · 3 years ago
  If you don't report your cryptocurrency transactions on your taxes, you could face penalties from the IRS. These penalties can include fines, interest on unpaid taxes, and even criminal charges. It's important to consult with a tax professional to ensure you are properly reporting your cryptocurrency transactions and avoiding any potential penalties.
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• AnesJun 24, 2020 · 5 years ago
  Not reporting your cryptocurrency transactions on your taxes can lead to penalties and fines from the IRS. The penalties can vary depending on the amount of unreported income and the circumstances of the case. It's important to consult with a tax professional to understand the potential consequences and ensure you are in compliance with tax laws.
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