What happens if I don't report my cryptocurrency earnings to the IRS?

7 answers

• Hemant DAug 08, 2021 · 4 years ago
  Failing to report your cryptocurrency earnings to the IRS can have serious consequences. The IRS considers cryptocurrencies as property, and any gains from trading or selling them are subject to taxation. If you don't report your earnings, you may face penalties, fines, or even legal action. It's important to accurately report your cryptocurrency earnings to avoid any potential issues with the IRS.
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• Manuel Alejandro Baez PonceAug 01, 2023 · 2 years ago
  Not reporting your cryptocurrency earnings to the IRS is a risky move. The IRS has been cracking down on cryptocurrency tax evasion in recent years, and they have the tools and resources to track down unreported earnings. If you get caught, you could face hefty fines and penalties. It's always better to be on the right side of the law and report your earnings accurately.
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• Etane86Aug 29, 2022 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, failing to report your cryptocurrency earnings to the IRS is not only illegal but also unethical. It's important to be transparent and honest with your tax obligations. The IRS has been actively pursuing cases of tax evasion in the cryptocurrency space, and they have the authority to impose penalties and even pursue criminal charges. Don't take the risk of not reporting your earnings.
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• SHRUJAN KARTHIK V ECEMar 23, 2024 · a year ago
  If you don't report your cryptocurrency earnings to the IRS, you're essentially playing with fire. The IRS has been cracking down on tax evasion in the cryptocurrency industry, and they have the means to track down unreported earnings. You could face penalties, fines, or even legal consequences. It's always better to stay on the right side of the law and report your earnings accurately.
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• Silver VittrupJul 09, 2021 · 4 years ago
  Not reporting your cryptocurrency earnings to the IRS is a bad idea. The IRS has been actively pursuing cases of tax evasion in the cryptocurrency space, and they have the authority to impose penalties and fines. It's important to understand your tax obligations and accurately report your earnings to avoid any potential issues with the IRS.
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• Hitesh HonmaneNov 03, 2022 · 3 years ago
  Failing to report your cryptocurrency earnings to the IRS is a serious offense. The IRS has been increasing its efforts to enforce tax compliance in the cryptocurrency industry. If you don't report your earnings, you could face penalties, fines, or even criminal charges. It's crucial to understand and fulfill your tax obligations.
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• Park SunghyunMay 30, 2025 · 19 days ago
  Avoiding reporting your cryptocurrency earnings to the IRS is not recommended. The IRS has been actively pursuing cases of tax evasion in the cryptocurrency space, and they have the means to track down unreported earnings. It's important to be honest and transparent with your tax obligations to avoid any potential legal consequences.
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