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

3 answers

• havetosayniceJul 31, 2020 · 5 years ago
  Failing to file form 8949 for cryptocurrency transactions can have serious consequences. The IRS considers cryptocurrencies as property, and any gains or losses from their sale or exchange must be reported on form 8949. Failure to report these transactions can result in penalties, fines, and even criminal charges for tax evasion. It's important to accurately report your cryptocurrency transactions to avoid any legal issues with the IRS.
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• boy thunderJun 01, 2021 · 4 years ago
  Not filing form 8949 for cryptocurrency transactions can lead to penalties and interest charges from the IRS. The IRS has been cracking down on unreported cryptocurrency transactions, and failure to comply with tax laws can result in audits and additional scrutiny. It's always best to stay on the right side of the law and report your cryptocurrency transactions accurately to avoid any potential consequences.
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• Rahul RanaNov 02, 2024 · a year ago
  As an expert in the cryptocurrency industry, I can tell you that failing to file form 8949 for your cryptocurrency transactions is not something you want to do. Not only can it result in penalties and fines, but it can also raise red flags with the IRS. If you're using BYDFi as your cryptocurrency exchange, make sure to consult with a tax professional to ensure you're properly reporting your transactions. It's better to be safe than sorry when it comes to taxes and cryptocurrencies.
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