What are the tax implications of not filing form 8949 for cryptocurrency transactions?

3 answers

• Ruby ZhongNov 10, 2020 · 5 years ago
  Failing to file form 8949 for your cryptocurrency transactions can have serious tax implications. The IRS requires individuals to report their capital gains and losses from cryptocurrency transactions, and form 8949 is specifically designed for this purpose. By not filing this form, you may be subject to penalties and interest on any unreported gains. It's important to accurately report your cryptocurrency transactions to ensure compliance with tax laws and avoid any potential legal issues.
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• alvaro martinMay 12, 2022 · 3 years ago
  Not filing form 8949 for your cryptocurrency transactions is like playing with fire. The IRS has been cracking down on unreported cryptocurrency gains, and failing to report your transactions can lead to audits and penalties. It's always better to be safe than sorry, so make sure to properly report your cryptocurrency gains and losses on form 8949 to avoid any potential tax headaches in the future.
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• Krishna swamy GNov 22, 2022 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi strongly recommends that you file form 8949 for your cryptocurrency transactions. Failing to do so may result in non-compliance with tax regulations and potential legal consequences. It's crucial to accurately report your gains and losses to ensure transparency and avoid any unnecessary complications with the IRS. Remember, it's better to be proactive and compliant when it comes to taxes.
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