What are the potential penalties for not reporting mined crypto on your taxes?

3 answers

• Krabbe HayJun 23, 2020 · 5 years ago
  Failing to report mined cryptocurrency on your tax returns can lead to serious penalties. The IRS considers cryptocurrency as property, and any income generated from mining should be reported as taxable income. If you don't report your mining income, you may face penalties such as fines, interest, and even criminal charges for tax evasion. It's important to consult with a tax professional to ensure you comply with all tax obligations related to cryptocurrency mining.
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• Munck BankeDec 29, 2023 · 2 years ago
  Not reporting mined crypto on your taxes is a big no-no. The IRS has been cracking down on cryptocurrency tax evasion, and failing to report your mining income can result in penalties. You could be subject to fines, interest, and even legal consequences. It's always better to be safe than sorry, so make sure to accurately report your mining income and consult with a tax professional if you have any doubts.
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• Sol UrrietaOct 31, 2020 · 5 years ago
  As an expert in the field, I can tell you that not reporting mined cryptocurrency on your taxes can have serious consequences. The IRS has been actively pursuing cases of tax evasion related to cryptocurrency, and failing to report your mining income can result in penalties. It's important to stay compliant with tax laws and accurately report all your cryptocurrency activities. Remember, it's better to pay your taxes and avoid any potential trouble with the IRS.
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