What are the consequences of not paying crypto taxes?

3 answers

• Dec 30, 2021 · 3 years ago
  Failing to pay taxes on cryptocurrency earnings can lead to serious consequences. The IRS considers cryptocurrencies as property, so not reporting your earnings can be seen as tax evasion. This can result in penalties, fines, and even criminal charges. It's important to keep accurate records of your cryptocurrency transactions and report them properly to avoid these consequences.
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• Dec 30, 2021 · 3 years ago
  If you don't pay taxes on your crypto earnings, you could be audited by the IRS. They have been cracking down on unreported cryptocurrency transactions in recent years, and failing to comply with tax laws can result in an audit. This can be a time-consuming and stressful process, so it's best to pay your taxes and avoid the risk of an audit.
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• Dec 30, 2021 · 3 years ago
  Not paying taxes on your cryptocurrency earnings is a serious matter. The consequences can include penalties, interest, and even legal action. It's important to understand and comply with your tax obligations to avoid these potential consequences. At BYDFi, we always encourage our users to stay compliant with tax laws and report their earnings accurately to avoid any issues with the IRS or other tax authorities.
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