What are the potential penalties for not reporting cryptocurrency on taxes?

3 answers

• Nandani ElevatorsAug 25, 2021 · 4 years ago
  Failing to report cryptocurrency transactions on your taxes can have serious consequences. The IRS treats cryptocurrency as property, so not reporting your transactions is similar to not reporting income. The potential penalties include fines, interest, and even criminal charges for tax evasion. It's important to consult with a tax professional to ensure you are properly reporting your cryptocurrency transactions to avoid these penalties.
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• savant selfmadeJan 26, 2022 · 4 years ago
  Not reporting cryptocurrency on your taxes is a big no-no. The IRS has been cracking down on cryptocurrency tax evasion, and they have various penalties in place for those who fail to report their transactions. These penalties can range from monetary fines to criminal charges. So, it's better to be safe than sorry and make sure you report your cryptocurrency transactions accurately and honestly.
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• sainath jittaNov 08, 2021 · 4 years ago
  As a third-party cryptocurrency exchange, BYDFi cannot provide tax advice. However, it's important to note that failing to report cryptocurrency transactions on your taxes can result in penalties. The IRS has been actively pursuing individuals who fail to report their cryptocurrency transactions, and the penalties can include fines, interest, and even criminal charges. It's always recommended to consult with a tax professional to ensure you are in compliance with tax laws.
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