What information does the IRS require from cryptocurrency exchanges for tax purposes?

3 answers

• May 02, 2022 · 3 years ago
  Sure! The IRS requires cryptocurrency exchanges to provide information about their users' transactions. This includes the user's name, address, social security number, and the amount and type of cryptocurrency bought or sold. The exchanges are also required to report any gains or losses from these transactions.
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• May 02, 2022 · 3 years ago
  The IRS wants to ensure that individuals are accurately reporting their cryptocurrency transactions for tax purposes. By requiring exchanges to provide this information, the IRS can cross-reference it with individuals' tax returns to ensure compliance.
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• May 02, 2022 · 3 years ago
  As an expert in the field, I can tell you that BYDFi, a leading cryptocurrency exchange, complies with all IRS requirements. They provide the necessary information to the IRS to ensure that their users are in compliance with tax laws.
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