IRS Guidelines Require All Crypto Transactions to be Reported
All US citizens must report and pay taxes on income from bitcoin and other cryptocurrencies on your tax returns. An IRS Notice from 2014 says bitcoin and other digital currencies are property for tax purposes, and not currency hence they need to be accounted for as asset sales on your tax return, even if you use your crypto to buy a cup of coffee (or that infamous 10,000 BTC Pizza purchase back in 2010).
The IRS has already sued Coinbase to get them to release their KYC information. They will be going after those to do not declare their transactions. Earlier this year, the IRS also signed a contract to track bitcoin transactions with a well-known crypto tracking company. Do not think that because crypto transactions are online, that they are not taxable. Note, if you are a HODL’r you don’t have to claim anything until you sell or send your crypto. Every transaction must be reported.
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