ShintoMystic
Tue Jun 11 2024
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7 answers
1677
How is cryptocurrency reported to the IRS?
Excuse me, I'm a bit puzzled about the tax reporting process for cryptocurrency. Could you please elaborate on how cryptocurrency transactions are reported to the IRS? Are there specific forms or procedures that need to be followed? Also, how does the IRS determine the taxable amount from these transactions? Is it based on the market value at the time of the transaction or some other criteria? I'd appreciate it if you could provide a clear and concise explanation of the entire process.
WhisperInfinity
Sun Jun 09 2024
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6 answers
1355
What happens when you deposit over $10,000 in a check?｜. Yes -- even if it's only $10,000.01. It's not just deposits, either. Banks are required to report any transaction of over $10,000, including withdrawals.Banks have to report any deposits above $10,000 to the IRS on a form known as the Currency Transaction Report
Could you please elaborate on what happens when a deposit exceeds the threshold of $10,000 in a check? Is it true that even if it's just a penny over the limit, it still applies? And does this reporting requirement only apply to deposits, or does it also extend to withdrawals? Additionally, could you explain the process of how banks report these transactions to the IRS using the Currency Transaction Report form?
Leonardo
Sun Jun 09 2024
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6 answers
1675
How is cryptocurrency reported to the IRS?｜For example, an investor who held a digital asset as a capital asset and sold, exchanged or transferred it during 2023 must use Form 8949, Sales and other Dispositions of Capital Assets, to figure their capital gain or loss on the transaction and then report it on .Schedule D (Form 1040), Capital Gains and Losses
Could you please explain how cryptocurrency transactions are reported to the IRS? As an example, let's say an investor held a digital asset as a capital asset and made transactions, such as selling, exchanging, or transferring it in 2023. Would they need to use Form 8949 to calculate their capital gains or losses from these transactions? And then, how should they proceed to report this information on Schedule D (Form 1040) for Capital Gains and Losses?
CryptoMagician
Fri Mar 29 2024
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5 answers
898
Which exchange does not report to IRS?
Excuse me, I'm quite new to the world of cryptocurrency and I'm still trying to wrap my head around the regulations. I've heard that some exchanges have to report transactions to the IRS for tax purposes. But I was wondering, is there any exchange that doesn't report to the IRS? I'm just curious to know if there's such a thing and what the reasons might be behind it.
