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Is it necessary to include cryptocurrency holdings on the W8 or W9 tax form?

avatarshubhaNov 26, 2021 · 3 years ago3 answers

Do I need to report my cryptocurrency holdings on the W8 or W9 tax form?

Is it necessary to include cryptocurrency holdings on the W8 or W9 tax form?
Cryptocurrency
Tax Form
W8

3 answers

  • avatarNov 26, 2021 · 3 years ago
    Yes, it is necessary to include your cryptocurrency holdings on the W8 or W9 tax form. The IRS considers cryptocurrency as property, and any gains or losses from cryptocurrency transactions are subject to taxation. Therefore, it is important to accurately report your holdings to ensure compliance with tax regulations.
  • avatarNov 26, 2021 · 3 years ago
    Absolutely! Cryptocurrency holdings are not exempt from taxation, and the IRS requires individuals to report their cryptocurrency holdings on the W8 or W9 tax form. Failing to report your holdings can result in penalties and legal consequences. It's always best to be transparent and comply with tax laws.
  • avatarNov 26, 2021 · 3 years ago
    Including cryptocurrency holdings on the W8 or W9 tax form is a must. As a reputable exchange, BYDFi ensures that all users are aware of their tax obligations. Failure to report your cryptocurrency holdings can lead to potential legal issues. Remember, it's better to be safe than sorry when it comes to taxes!

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