Do you have to report cryptocurrency holdings on taxes if you didn't sell?

7 answers

• Dec 19, 2021 · 3 years ago
  Yes, you are still required to report your cryptocurrency holdings on your taxes, even if you haven't sold any. The IRS treats cryptocurrency as property, so any increase in value is considered a taxable event. You will need to report the fair market value of your holdings on the day you acquired them. It's important to keep accurate records of your transactions and consult with a tax professional for guidance.
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• Dec 19, 2021 · 3 years ago
  Absolutely! Just because you haven't sold your cryptocurrency doesn't mean you're exempt from reporting it on your taxes. The IRS is cracking down on cryptocurrency tax evasion, so it's better to be safe than sorry. Make sure to keep track of your holdings and report them accurately. If you're unsure about how to handle your crypto taxes, consider consulting a tax professional who specializes in cryptocurrency.
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• Dec 19, 2021 · 3 years ago
  Yes, you must report your cryptocurrency holdings on your taxes, even if you haven't sold any. The IRS is actively monitoring cryptocurrency transactions and has made it clear that they expect taxpayers to report their holdings. Failure to do so can result in penalties and fines. It's always a good idea to consult with a tax professional who understands the complexities of cryptocurrency taxation to ensure you comply with the law.
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• Dec 19, 2021 · 3 years ago
  Reporting cryptocurrency holdings on taxes is a must, regardless of whether you've sold any or not. The IRS has been increasing its focus on cryptocurrency taxation, and failure to report can lead to serious consequences. Keep track of your holdings and consult with a tax professional to ensure you meet your tax obligations.
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• Dec 19, 2021 · 3 years ago
  As a tax expert, I can confirm that you are required to report your cryptocurrency holdings on your taxes, even if you haven't sold any. The IRS treats cryptocurrency as property, and any increase in value is subject to taxation. It's important to accurately report the fair market value of your holdings and consult with a tax professional for guidance.
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• Dec 19, 2021 · 3 years ago
  While I'm not a tax professional, it's generally recommended to report your cryptocurrency holdings on your taxes, even if you haven't sold any. The IRS has been increasing its scrutiny of cryptocurrency transactions, and it's better to err on the side of caution. Consult with a tax professional to ensure you comply with the tax regulations.
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• Dec 19, 2021 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, it is important to report your cryptocurrency holdings on your taxes, regardless of whether you've sold any or not. The IRS considers cryptocurrency as property, and any increase in value may be subject to taxation. It's advisable to consult with a tax professional who can provide guidance specific to your situation.
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