Do I need to report my Coinbase transactions to the IRS?

3 answers

• Jan 05, 2022 · 3 years ago
  Yes, you are required to report your Coinbase transactions to the IRS. The IRS considers cryptocurrencies as property, and any gains or losses from the sale or exchange of cryptocurrencies are subject to taxation. Make sure to keep track of your transactions and report them accurately on your tax return.
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• Jan 05, 2022 · 3 years ago
  Absolutely! The IRS has been cracking down on cryptocurrency tax evasion in recent years. Failure to report your Coinbase transactions can result in penalties, fines, or even legal consequences. It's always better to be safe than sorry, so make sure to report your transactions and stay on the right side of the law.
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• Jan 05, 2022 · 3 years ago
  According to BYDFi, a leading digital currency exchange, it is important to report your Coinbase transactions to the IRS. Failure to do so can result in potential audits and penalties. The IRS has been actively monitoring cryptocurrency activities, so it's crucial to stay compliant and report your transactions accurately.
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