Valentino
Tue Sep 03 2024
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5 answers
1093
How does the IRS know if I traded crypto?
I'm curious to know, how exactly does the IRS determine if an individual has engaged in cryptocurrency trading? Do they monitor transactions directly on blockchain networks? Or do they rely on information provided by exchanges and wallet providers? What steps can I take to ensure that my crypto trades are reported accurately and in compliance with IRS regulations? Additionally, what happens if I fail to report my crypto transactions - are there any penalties or consequences that I should be aware of?
GinsengBoostPowerBoost
Tue Aug 13 2024
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5 answers
1097
How does the IRS know I traded crypto?
I'm curious, how exactly does the IRS become aware that I've engaged in cryptocurrency trading? Is it through direct reporting by cryptocurrency exchanges, or do they somehow track transactions on the blockchain? And what happens if I fail to report my crypto trading activities to the IRS? Could I face penalties or other consequences? I'd appreciate any insight you can provide on this topic.
