What are the consequences of not reporting basis to IRS for cryptocurrency transactions?

3 answers

• D. RicoJul 14, 2022 · 3 years ago
  Failing to report the basis of cryptocurrency transactions to the IRS can have serious consequences. The IRS considers cryptocurrency as property, and just like any other property, it is subject to taxation. By not reporting the basis, individuals may be subject to penalties, fines, and even criminal charges for tax evasion. It is important to accurately report the basis of cryptocurrency transactions to avoid these potential consequences.
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• Lê Anh DuyDec 02, 2024 · 7 months ago
  Not reporting the basis of cryptocurrency transactions to the IRS is a risky move. The IRS has been cracking down on cryptocurrency tax evasion in recent years and has implemented various measures to track down non-compliant individuals. Failure to report the basis can lead to audits, penalties, and interest charges. It's always better to be on the safe side and report your cryptocurrency transactions accurately to avoid any potential trouble with the IRS.
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• Khawlah TalalMay 23, 2021 · 4 years ago
  As an expert in the cryptocurrency industry, I must stress the importance of reporting the basis of your cryptocurrency transactions to the IRS. Failure to do so can result in significant consequences, including penalties and legal issues. At BYDFi, we prioritize compliance and encourage all our users to accurately report their cryptocurrency activities to the IRS. It's not worth risking your financial well-being for the sake of avoiding reporting. Stay on the right side of the law and report your cryptocurrency transactions properly.
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