What are the penalties for not reporting cryptocurrency taxes in California?

3 answers

• Hieu SonApr 22, 2021 · 4 years ago
  As an expert in cryptocurrency taxes, I can tell you that failing to report your cryptocurrency taxes in California can have serious consequences. The California Franchise Tax Board (FTB) treats cryptocurrency as property, which means that any gains from cryptocurrency transactions are subject to capital gains tax. If you fail to report these gains, you may be audited by the FTB and face penalties and interest on the unpaid taxes. In extreme cases, intentional failure to report cryptocurrency taxes can even result in criminal charges.
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• Udsen MarkJul 18, 2024 · a year ago
  Oh boy, you better not mess with the taxman! If you don't report your cryptocurrency taxes in California, you could be in for a world of trouble. The government takes tax evasion seriously, and cryptocurrency is no exception. You could be hit with hefty fines, interest on unpaid taxes, and even face legal action. So, do yourself a favor and make sure you report your crypto gains and losses accurately. It's better to be safe than sorry!
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• Jakk BlackDec 22, 2023 · 2 years ago
  According to BYDFi, a leading cryptocurrency exchange, failing to report your cryptocurrency taxes in California can have serious consequences. The California Franchise Tax Board (FTB) treats cryptocurrency as property and expects taxpayers to report any gains from cryptocurrency transactions. If you fail to do so, you may be subject to penalties and interest on the unpaid taxes. It's important to stay compliant with tax regulations to avoid any potential legal issues. Remember, it's always better to report your taxes accurately and avoid any unnecessary trouble.
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