Is it mandatory to report the basis of cryptocurrency transactions to the IRS on Form 1099-B, Box 12?

7 answers

• Nov 26, 2021 · 3 years ago
  Yes, it is mandatory to report the basis of your cryptocurrency transactions to the IRS on Form 1099-B, Box 12. The IRS considers cryptocurrencies as property, and any gains or losses from their sale or exchange are subject to tax. Failing to report the cost basis can result in penalties and interest charges. It's important to accurately report your cryptocurrency transactions to avoid any potential issues with the IRS.
  423212
• Nov 26, 2021 · 3 years ago
  Absolutely! The IRS requires you to report the basis of your cryptocurrency transactions on Form 1099-B, Box 12. Ignoring this requirement can lead to serious consequences, including audits and penalties. Make sure to keep track of your transaction details and report them accurately to stay compliant with the IRS.
  315105
• Nov 26, 2021 · 3 years ago
  As an expert in the field, I can confirm that reporting the basis of your cryptocurrency transactions to the IRS on Form 1099-B, Box 12 is indeed mandatory. Failure to do so can result in penalties and legal consequences. It's crucial to maintain accurate records and fulfill your tax obligations to avoid any issues with the IRS.
  33083
• Nov 26, 2021 · 3 years ago
  Yes, it is mandatory to report the basis of your cryptocurrency transactions to the IRS on Form 1099-B, Box 12. Failure to do so can result in penalties and interest charges. The IRS has been cracking down on cryptocurrency tax evasion, so it's important to stay compliant and report your transactions accurately.
  31363
• Nov 26, 2021 · 3 years ago
  Reporting the basis of your cryptocurrency transactions to the IRS on Form 1099-B, Box 12 is a requirement set by the IRS. Failure to comply with this requirement can have serious consequences, including penalties and legal actions. It's crucial to understand and fulfill your tax obligations when it comes to cryptocurrency transactions.
  33857
• Nov 26, 2021 · 3 years ago
  While I cannot speak for other exchanges, at BYDFi, we strongly advise our users to report the basis of their cryptocurrency transactions to the IRS on Form 1099-B, Box 12. It is a legal requirement, and failure to do so can result in penalties and legal consequences. We encourage our users to stay compliant with tax regulations and fulfill their reporting obligations.
  37153
• Nov 26, 2021 · 3 years ago
  Yes, it is mandatory to report the basis of your cryptocurrency transactions to the IRS on Form 1099-B, Box 12. Failing to do so can have serious consequences, including penalties and potential audits. It's important to keep accurate records and report your transactions accurately to avoid any issues with the IRS.
  31540