What are the potential penalties for not paying taxes on mined cryptocurrency?

3 answers

• prabhakar TiwaryMay 26, 2024 · a year ago
  Failing to pay taxes on mined cryptocurrency can have serious consequences. The IRS treats cryptocurrency as property, so failing to report and pay taxes on mined cryptocurrency is considered tax evasion. This can result in penalties, fines, and even criminal charges. It's important to consult with a tax professional to ensure compliance with tax laws and avoid potential penalties.
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• PsijendevFeb 17, 2023 · 3 years ago
  Not paying taxes on mined cryptocurrency is a risky move. The IRS has been cracking down on cryptocurrency tax evasion in recent years. If you're caught evading taxes, you could face penalties, interest, and even legal action. It's always better to be on the right side of the law and pay your taxes on time.
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• Choate TangeJun 06, 2022 · 3 years ago
  As a third-party expert, I can say that not paying taxes on mined cryptocurrency is not advisable. It's important to understand and comply with tax laws to avoid potential penalties. The IRS has been actively pursuing cases of tax evasion related to cryptocurrency, and the consequences can be severe. It's best to consult with a tax professional to ensure compliance and avoid any legal issues.
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