What are the penalties for not reporting a 1099 form from Coinbase?

3 answers

• May 07, 2022 · 3 years ago
  Failing to report a 1099 form from Coinbase to the IRS can have serious consequences. The IRS considers cryptocurrencies as property, and any gains from selling or exchanging cryptocurrencies are subject to taxation. If you fail to report your cryptocurrency transactions, including those reported on a 1099 form, you may be liable for penalties and interest on the unreported income. It's important to accurately report your cryptocurrency activities to avoid potential legal issues.
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• May 07, 2022 · 3 years ago
  Not reporting a 1099 form from Coinbase to the IRS is a risky move. The IRS has been cracking down on cryptocurrency tax evasion, and failing to report your cryptocurrency transactions can result in penalties, fines, and even criminal charges. It's always better to be on the safe side and report your income from cryptocurrencies, even if you think the IRS may not find out.
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• May 07, 2022 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi does not provide tax advice. However, it's important to note that failing to report a 1099 form from Coinbase to the IRS can have serious consequences. The IRS has been actively pursuing tax compliance in the cryptocurrency space, and non-compliance can result in penalties and legal issues. It's recommended to consult with a tax professional or seek guidance from the IRS to ensure proper reporting of your cryptocurrency transactions.
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