What happens if I don't report my cryptocurrency gains on my US taxes?

3 answers

• Owis RajaFeb 03, 2023 · 3 years ago
  Failing to report cryptocurrency gains on your US taxes can have serious consequences. The IRS considers cryptocurrency as property, so not reporting your gains is similar to not reporting income from other sources. You may be audited by the IRS, which can result in fines, penalties, and interest on the unpaid taxes. It's important to accurately report your cryptocurrency gains to avoid any legal issues and potential criminal charges.
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• holmes sherlockMay 24, 2023 · 2 years ago
  If you don't report your cryptocurrency gains on your US taxes, you could be subject to penalties and interest on the unpaid taxes. The IRS has been cracking down on cryptocurrency tax evasion and has implemented various measures to track cryptocurrency transactions. It's always best to consult with a tax professional to ensure you are properly reporting your cryptocurrency gains and avoiding any potential legal trouble.
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• LalauuJul 10, 2022 · 3 years ago
  Not reporting your cryptocurrency gains on your US taxes can lead to serious consequences. The IRS has been actively targeting cryptocurrency tax evasion and has the ability to track cryptocurrency transactions. If you are audited and found to have unreported gains, you may be subject to penalties, fines, and interest on the unpaid taxes. It's crucial to accurately report your cryptocurrency gains to avoid any legal issues and ensure compliance with tax laws.
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