What information is the IRS seeking from cryptocurrency customers?

3 answers

• Nov 26, 2021 · 3 years ago
  The IRS requires individuals who engage in cryptocurrency transactions to report their transactions and provide information such as the date and time of the transactions, the amount of cryptocurrency involved, the fair market value of the cryptocurrency at the time of the transaction, and the identity of the other party involved in the transaction. This information is necessary for the IRS to ensure compliance with tax laws and to prevent tax evasion.
  455228
• Nov 26, 2021 · 3 years ago
  When it comes to cryptocurrency transactions, the IRS is particularly interested in tracking any potential capital gains or losses. They want to know if you've made a profit or loss from your cryptocurrency investments, and they expect you to report these gains or losses on your tax return. It's important to keep accurate records of your cryptocurrency transactions to ensure you can provide the necessary information to the IRS.
  431144
• Nov 26, 2021 · 3 years ago
  As a representative of BYDFi, I can tell you that the IRS is actively seeking information from cryptocurrency customers to ensure compliance with tax regulations. They are specifically interested in identifying individuals who may be using cryptocurrencies to evade taxes. It's important for cryptocurrency users to understand their tax obligations and to report their transactions accurately to avoid any potential issues with the IRS.
  436109