Are there any exemptions from FICA regulations for cryptocurrency transactions?

3 answers

• May 15, 2022 · 3 years ago
  Yes, there are certain exemptions from FICA regulations for cryptocurrency transactions. According to the IRS, if a cryptocurrency transaction is considered a personal transaction and not a business transaction, it may be exempt from FICA regulations. However, it's important to consult with a tax professional to determine if your specific transaction qualifies for an exemption.
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• May 15, 2022 · 3 years ago
  Unfortunately, cryptocurrency transactions are generally not exempt from FICA regulations. The IRS considers cryptocurrency as property for tax purposes, and any gains or income from cryptocurrency transactions are subject to FICA regulations. It's important to report your cryptocurrency transactions accurately and pay any applicable taxes to avoid penalties or legal issues.
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• May 15, 2022 · 3 years ago
  As a representative of BYDFi, I can confirm that there are currently no exemptions from FICA regulations for cryptocurrency transactions. All cryptocurrency transactions, regardless of whether they are personal or business-related, are subject to FICA regulations. It's crucial for individuals and businesses to comply with these regulations to ensure legal and tax compliance.
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