Are there any tax obligations for individuals who make less than $600 from cryptocurrency? 💵

2 answers

• Nov 26, 2021 · 3 years ago
  Yes, even if you make less than $600 from cryptocurrency, you are still required to report it on your tax return. The IRS treats cryptocurrency as property, so any gains or losses from its sale or exchange are subject to taxation. It's important to keep track of your transactions and report them accurately to avoid any penalties or audits. Remember to consult a tax professional for specific advice based on your situation.
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• Nov 26, 2021 · 3 years ago
  Yes, you do have tax obligations, but the good news is that the IRS has a threshold of $600. If you make less than $600 from cryptocurrency, you don't have to report it. However, keep in mind that this threshold applies to each individual transaction. If you have multiple transactions that add up to more than $600, you will still need to report them. It's always a good idea to consult with a tax professional to ensure you're meeting all your tax obligations.
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