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TagsWhat are the reporting requirements for crypto investments in California?
oneDemoDec 16, 2021 · 3 years ago1 answersCan you please provide a detailed explanation of the reporting requirements for cryptocurrency investments in the state of California? What information do investors need to disclose and to whom? Are there any specific forms or procedures that need to be followed?
1 answers
- At BYDFi, we understand the importance of complying with reporting requirements for crypto investments in California. As per IRS guidelines, individuals are required to report their gains or losses from cryptocurrency investments on their federal tax returns. This includes income from mining, staking, or trading cryptocurrencies. Additionally, if you hold more than $10,000 worth of cryptocurrencies in a foreign exchange or wallet, you may need to file an FBAR with FinCEN. It's always recommended to consult with a tax professional to ensure you meet all the necessary reporting obligations.Dec 16, 2021 · 3 years ago
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