ShintoMystical
Sat Sep 07 2024
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7 answers
1391
What is the $10,000 crypto reporting requirement?
Could you please elaborate on the $10,000 crypto reporting requirement? I'm curious to know what it entails and how it affects cryptocurrency transactions. Specifically, when does this requirement come into play? Does it apply to both buying and selling of cryptocurrencies? And how does it impact investors and traders in the crypto space? Additionally, are there any penalties for failing to comply with this requirement? I'm looking forward to hearing your insights on this matter.
CryptoPioneer
Sun Jun 09 2024
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5 answers
758
Do I report crypto if I didn't sell?｜Crypto is generally not subject to immediate taxation, assuming you purchased the crypto as an and didn't acquire it as a form of income or by other means. This means that when you US taxpayers purchase crypto, .there is no immediate reporting requirement until you sell
I'm a bit confused about the taxation of cryptocurrencies. If I haven't sold any crypto assets, do I still need to report them? I understand that crypto is generally not taxed immediately, but what if I bought it as an investment rather than as income? Is there a specific rule or regulation that applies to US taxpayers in this case? I'm just trying to clarify my tax obligations related to my crypto holdings.
