What are the steps to extend the tax deadline for reporting cryptocurrency gains?

3 answers

• Subhashree JenaJan 18, 2021 · 5 years ago
  To extend the tax deadline for reporting gains from cryptocurrency, you can file for an extension with the IRS. This can be done by submitting Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. By filing this form, you can get an additional six months to file your tax return, giving you more time to report your cryptocurrency gains. Remember to estimate your tax liability and pay any taxes owed by the original tax deadline to avoid penalties and interest charges. Keep in mind that filing for an extension only extends the time to file your return, not the time to pay your taxes. It's important to consult with a tax professional or accountant to ensure you follow the correct procedures and meet all requirements when filing for an extension.
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• Saba FouadJan 14, 2022 · 4 years ago
  If you need more time to report your cryptocurrency gains for tax purposes, you can request an extension from the IRS. This can be done by filing Form 4868, which will give you an additional six months to file your tax return. However, it's important to note that an extension only extends the time to file your return, not the time to pay any taxes owed. You will still need to estimate your tax liability and pay any taxes by the original tax deadline to avoid penalties and interest charges. It's recommended to consult with a tax professional or accountant to ensure you follow the proper procedures and meet all requirements when requesting an extension for reporting cryptocurrency gains.
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• Kanchan RawatSep 23, 2022 · 3 years ago
  Extending the tax deadline for reporting gains from cryptocurrency is possible by filing for an extension with the IRS. By submitting Form 4868, you can get an additional six months to file your tax return. However, it's important to keep in mind that an extension only extends the time to file your return, not the time to pay any taxes owed. You will still need to estimate your tax liability and pay any taxes by the original tax deadline to avoid penalties and interest charges. It's recommended to consult with a tax professional or accountant to ensure you follow the correct procedures and meet all requirements when requesting an extension for reporting cryptocurrency gains. Remember to provide accurate and complete information to the IRS to avoid any potential issues or audits.
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