What happens if I file taxes late with cryptocurrency income?

3 answers

• Lisandro SantosMay 14, 2021 · 4 years ago
  Filing taxes late can have serious consequences, especially if you have cryptocurrency income. The IRS treats cryptocurrency as property, so any gains or losses from its sale or exchange are subject to taxation. If you file taxes late and fail to report your cryptocurrency income, you may face penalties and interest charges. It's important to file your taxes on time and accurately report all your income, including cryptocurrency.
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• Kalyan TarafdarOct 31, 2024 · a year ago
  If you file taxes late with cryptocurrency income, you may be subject to penalties and interest charges. The IRS has been cracking down on cryptocurrency tax evasion, and late filing can be seen as an attempt to avoid reporting your income. It's best to file your taxes on time and consult with a tax professional if you're unsure about how to report your cryptocurrency income.
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• MarmikMar 17, 2024 · 2 years ago
  Late filing of taxes with cryptocurrency income can result in penalties and interest charges. It's crucial to report your cryptocurrency income accurately and on time to avoid any legal issues. If you're unsure about how to report your cryptocurrency income, consider consulting a tax professional who specializes in cryptocurrency taxation. They can help ensure that you comply with all tax regulations and avoid any potential penalties.
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