What are the penalties for not reporting 1099-B transactions on Robinhood?

3 answers

• muhammad nazirulJul 22, 2024 · a year ago
  Failing to report your 1099-B transactions on Robinhood can have serious consequences. From a legal perspective, the IRS requires you to report all income, including capital gains from cryptocurrency transactions. If you fail to do so, you may be subject to penalties and fines. The specific penalties can vary depending on the amount of unreported income and the circumstances of the case. It's important to consult a tax professional to understand the potential consequences and how to rectify the situation.
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• Md. Bayejid AhmedMar 27, 2024 · a year ago
  Not reporting your 1099-B transactions on Robinhood can result in penalties from the IRS. The penalties can range from monetary fines to criminal charges, depending on the severity of the non-compliance. It's crucial to accurately report your cryptocurrency transactions to avoid any legal issues. Remember, the IRS has been increasing its focus on cryptocurrency taxation, so it's better to be safe than sorry.
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• Kring ThorntonApr 24, 2024 · a year ago
  As a third-party observer, BYDFi cannot provide specific legal advice, but it's important to note that failing to report your 1099-B transactions on Robinhood can have legal and financial consequences. The IRS requires individuals to report all income, including cryptocurrency gains. Non-compliance can result in penalties, fines, and potential legal action. It's advisable to consult a tax professional to ensure compliance with tax laws and avoid any negative repercussions.
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