What are the penalties for not reporting cryptocurrency transactions on form 1099 b?

3 answers

• Mar 30, 2022 · 3 years ago
  Failing to report cryptocurrency transactions on form 1099 b can have serious consequences. The IRS considers cryptocurrency as property, and any gains or losses from its sale or exchange are subject to tax. If you fail to report these transactions, you may be subject to penalties, such as fines or even criminal charges. It's important to accurately report your cryptocurrency transactions to avoid these potential penalties.
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• Mar 30, 2022 · 3 years ago
  Not reporting your cryptocurrency transactions on form 1099 b is not a wise decision. The IRS has been cracking down on cryptocurrency tax evasion, and they have various tools and methods to identify individuals who are not reporting their transactions. If you are caught, you may face penalties, including fines and interest on the unpaid taxes. It's always better to be honest and comply with the tax reporting requirements.
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• Mar 30, 2022 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, failing to report your cryptocurrency transactions on form 1099 b can result in penalties imposed by the IRS. These penalties can include fines, interest on the unpaid taxes, and even criminal charges in severe cases. It's crucial to accurately report your cryptocurrency transactions to avoid any legal consequences.
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