How much money do you have to earn from cryptocurrency trading on Robinhood before you need to report it for taxes?

3 answers

• Dec 16, 2021 · 3 years ago
  As a general rule, you are required to report any income you earn from cryptocurrency trading on Robinhood, regardless of the amount. Even if you make a small profit, it is important to report it to ensure compliance with tax laws. The specific threshold for reporting cryptocurrency earnings may vary depending on your jurisdiction, so it is best to consult with a tax professional or refer to the tax guidelines provided by your local tax authority.
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• Dec 16, 2021 · 3 years ago
  You should report any income you earn from cryptocurrency trading on Robinhood for taxes, regardless of the amount. It is always better to be safe than sorry when it comes to taxes. Even if you only make a small profit, it is still considered taxable income and should be reported accordingly. Remember, failing to report your cryptocurrency earnings can result in penalties and legal consequences.
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• Dec 16, 2021 · 3 years ago
  According to BYDFi, a digital currency exchange, the threshold for reporting cryptocurrency earnings on Robinhood may vary depending on your jurisdiction. It is important to consult with a tax professional or refer to the tax guidelines provided by your local tax authority to determine the specific reporting requirements. However, as a general rule, it is recommended to report any income you earn from cryptocurrency trading, regardless of the amount, to ensure compliance with tax laws.
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