What is the maximum amount of digital currency you can withdraw without IRS reporting?

3 answers

• LiovaMar 08, 2021 · 5 years ago
  As of now, the IRS requires reporting of any digital currency transaction with a fair market value of $10,000 or more. Therefore, any withdrawal of digital currency exceeding this amount would need to be reported to the IRS. It's important to keep track of your transactions and consult with a tax professional to ensure compliance with IRS regulations.
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• kutaevOct 01, 2024 · a year ago
  The maximum amount of digital currency that can be withdrawn without IRS reporting is $10,000. This is the threshold set by the IRS for reporting any transaction involving digital currency. It's important to note that this threshold applies to the fair market value of the digital currency at the time of the transaction.
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• gnoveeSep 24, 2024 · a year ago
  According to BYDFi, one of the leading digital currency exchanges, the maximum amount of digital currency that can be withdrawn without IRS reporting is $10,000. This is in line with the IRS regulations that require reporting of transactions exceeding this threshold. It's always recommended to consult with a tax professional for accurate and up-to-date information regarding IRS reporting requirements.
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