What is the IRS's stance on auditing cryptocurrency investors?

3 answers

• Dec 28, 2021 · 3 years ago
  The IRS takes the auditing of cryptocurrency investors seriously. They consider cryptocurrencies as property, and any gains or losses from cryptocurrency investments are subject to taxation. The IRS has been actively pursuing tax evaders and non-compliant cryptocurrency investors through audits and investigations. It is important for cryptocurrency investors to accurately report their transactions and pay the appropriate taxes to avoid potential penalties and legal consequences.
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• Dec 28, 2021 · 3 years ago
  The IRS has made it clear that they are actively monitoring cryptocurrency transactions and investors. They have issued guidance on how to report cryptocurrency transactions and have implemented measures to identify individuals who may be evading taxes. It is crucial for cryptocurrency investors to keep detailed records of their transactions and consult with tax professionals to ensure compliance with tax laws and regulations.
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• Dec 28, 2021 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi is committed to complying with all applicable tax laws and regulations. We encourage our users to accurately report their cryptocurrency transactions and consult with tax professionals for guidance. It is important for cryptocurrency investors to understand the IRS's stance on auditing and take the necessary steps to comply with tax obligations.
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