How does IRS Form 8959 affect cryptocurrency taxes?

3 answers

• Nov 26, 2021 · 3 years ago
  IRS Form 8959, also known as the Additional Medicare Tax, affects the taxation of cryptocurrency by imposing an additional 0.9% tax on individuals with high incomes. This tax applies to the combined wages, self-employment income, and net investment income, including cryptocurrency gains. It is important to accurately report your cryptocurrency transactions on this form to ensure compliance with IRS regulations and avoid potential penalties. Please note that I am not a tax professional, and it is always advisable to consult with a qualified tax advisor for specific guidance on your individual tax situation.
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• Nov 26, 2021 · 3 years ago
  IRS Form 8959 is a form used to calculate and report the Additional Medicare Tax. While it may not directly impact the taxation of cryptocurrency, it is still essential to accurately report your cryptocurrency gains and losses on your tax return. Failing to report cryptocurrency transactions can result in penalties and legal consequences. It is recommended to consult with a tax professional or use tax software to ensure proper reporting and compliance with IRS regulations.
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• Nov 26, 2021 · 3 years ago
  IRS Form 8959 is not directly related to cryptocurrency taxes. It is a form used to calculate and report the Additional Medicare Tax, which applies to individuals with high incomes. However, it is crucial to accurately report your cryptocurrency gains and losses on your tax return to comply with IRS regulations. Failure to report cryptocurrency transactions can result in penalties and audits. If you have any specific questions about cryptocurrency taxes, it is best to consult with a tax professional or use tax software to ensure accurate reporting and compliance.
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