Cryptocurrency Q&A
Do cryptocurrencies have to be reported to the IRS?
Do cryptocurrencies have to be reported to the IRS?
Michele
Sun Jul 07 2024
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7 answers
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For those in the financial sphere, particularly those involved in the dynamic world of cryptocurrencies, a common query arises regarding taxation. I'm curious, does the Internal Revenue Service (IRS) require that transactions involving cryptocurrencies be reported? Are there specific thresholds or criteria that trigger this reporting requirement? Furthermore, how does the IRS view cryptocurrencies in terms of taxation? Are they considered assets, commodities, or currency for tax purposes? Navigating these nuances in the crypto realm is essential for compliant tax filing.
7 answers
KimchiQueenCharmingKiss
Mon Jul 08 2024
Starting in two years, crypto brokers will need to comply with this new regulation.
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Valentina
Mon Jul 08 2024
Accessing your Forbes account is a prerequisite for further proceedings.
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alexander_jackson_athlete
Mon Jul 08 2024
The move is part of the Treasury's ongoing efforts to ensure tax compliance in the emerging digital asset sector.
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BlockchainBaron
Mon Jul 08 2024
The Treasury Department has announced a significant change in crypto regulations.
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TimeRippleOcean
Mon Jul 08 2024
According to the agency's statement on Friday, most crypto brokers will be required to report user transaction proceeds to the Internal Revenue Service.
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