What are the IRS requirements for reporting crypto transactions?

1 answers

• Apr 30, 2022 · 3 years ago
  As a third-party digital asset exchange, BYDFi does not provide tax advice or guidance. However, it's important to note that the IRS requires taxpayers to report their cryptocurrency transactions. This includes buying, selling, and exchanging cryptocurrencies. The IRS treats cryptocurrency as property, so the general tax principles that apply to property transactions also apply to cryptocurrency transactions. It's important to keep accurate records of your cryptocurrency transactions and consult with a tax professional to ensure compliance with IRS requirements. Remember, failing to report your cryptocurrency transactions can result in penalties and fines.
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