If I made less than 600 in cryptocurrency, do I still need to file taxes?

3 answers

• Dec 26, 2021 · 3 years ago
  Yes, you still need to report any income you earned from cryptocurrency investments, even if it's less than $600. The IRS considers cryptocurrency as property, and any gains or losses from its sale or exchange are subject to taxation. It's important to accurately report your income to avoid any potential penalties or legal issues.
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• Dec 26, 2021 · 3 years ago
  Technically, you are required to report all income, regardless of the amount. However, the IRS has set a threshold of $600 for issuing Form 1099-MISC, which is typically used to report miscellaneous income. If you didn't receive a Form 1099-MISC for your cryptocurrency earnings, you may still need to report it on your tax return as self-employment income or other taxable income.
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• Dec 26, 2021 · 3 years ago
  According to BYDFi, a digital currency exchange, if you made less than $600 in cryptocurrency, you may not be required to file taxes. However, it's always best to consult with a tax professional or refer to the IRS guidelines to ensure compliance with the tax laws in your jurisdiction.
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