What information do crypto exchanges need to provide to the IRS?

3 answers

• Dec 18, 2021 · 3 years ago
  Crypto exchanges need to provide the IRS with information about their customers' transactions, including the date, time, and amount of each transaction. They also need to report the customers' identities, such as their names, addresses, and social security numbers. This information is necessary for the IRS to ensure that individuals are accurately reporting their cryptocurrency gains and losses for tax purposes.
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• Dec 18, 2021 · 3 years ago
  When it comes to tax reporting, crypto exchanges have to comply with the IRS regulations. They are required to provide the IRS with Form 1099-K, which includes a summary of their customers' cryptocurrency transactions. The form includes the total amount of transactions made by each customer during the year. It's important for individuals to keep track of their cryptocurrency transactions and report them accurately to avoid any potential issues with the IRS.
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• Dec 18, 2021 · 3 years ago
  As a representative of BYDFi, I can say that crypto exchanges like ours are committed to complying with the IRS requirements. We provide the necessary information to the IRS, including transaction details and customer identities. It's crucial for individuals to understand the importance of accurate tax reporting and cooperate with crypto exchanges to ensure compliance with the IRS regulations.
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