Questions tagged [report]

Sara Tue Aug 06 2024 | 7 answers 1689

I'm curious, when it comes to cryptocurrency, do I have to report any gains or income from it on my tax returns? Is there a specific threshold that I need to reach before I need to start reporting it? And what about losses? How do I handle those on my taxes? I'm new to this and just want to make sure I'm staying compliant with all the rules and regulations surrounding cryptocurrency and taxes.

isabella_bailey_economist Thu Aug 01 2024 | 7 answers 1732

I'm curious to know, does the Gemini wallet report transactions to the IRS? As a cryptocurrency user, it's important for me to understand the tax implications of my holdings and transactions. Is there any threshold or specific conditions that trigger a report to the tax authorities? And how does Gemini handle user privacy in this regard? I'd appreciate a clear and concise answer to help me navigate the tax landscape of cryptocurrency.

DongdaemunTrendsetter Tue Jul 30 2024 | 6 answers 1175

Excuse me, I'm a bit confused about the tax implications of cryptocurrency holdings. If I haven't sold any of my cryptocurrencies, do I still need to report them to the tax authorities? I understand that capital gains from selling assets are taxable, but what about simply holding onto them? I'd appreciate any clarity you can provide on this matter.

Tommaso Mon Jul 22 2024 | 5 answers 1228

As a cryptocurrency enthusiast and investor, I'm curious about the tax compliance practices of major exchanges. Specifically, I'm wondering if Kraken, a renowned cryptocurrency exchange, reports its users' transactions to the Internal Revenue Service (IRS) in the United States. With the increasing popularity of digital currencies, it's crucial to understand the tax implications and ensure compliance. Does Kraken adhere to IRS regulations and provide necessary information for tax reporting purposes? I'm keen to learn more about their practices in this regard.

Starlight Mon Jul 22 2024 | 5 answers 1285

As a cryptocurrency investor, I'm curious about the tax implications of my holdings. Specifically, I'm wondering if I'm required to report my cryptocurrency on my taxes even if I haven't sold any of it? I understand that selling crypto often triggers a taxable event, but what about simply holding onto it for an extended period of time? Does this count as taxable income in some jurisdictions, or am I only responsible for reporting profits realized through sales? Clarifying this would help me ensure I'm in compliance with local tax laws.