What are the reporting requirements for DeFi earnings according to the IRS?

3 answers

• Jan 07, 2022 · 3 years ago
  As per the IRS, earnings from DeFi are considered taxable income and must be reported on your tax return. This includes interest, rewards, and any other income generated through DeFi platforms. It is important to keep track of your earnings and report them accurately to avoid any potential penalties or legal issues. Consult a tax professional for guidance on how to report your DeFi earnings properly.
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• Jan 07, 2022 · 3 years ago
  Reporting requirements for DeFi earnings can be a bit tricky, but it's important to stay compliant with the IRS. Any income earned from DeFi activities, such as lending, staking, or yield farming, should be reported as taxable income. Make sure to keep detailed records of your transactions and consult a tax professional for specific guidance on how to report your earnings accurately.
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• Jan 07, 2022 · 3 years ago
  According to the IRS, earnings from DeFi activities are subject to taxation. This means that any income generated through lending, borrowing, or liquidity provision on DeFi platforms should be reported on your tax return. It's crucial to maintain accurate records of your earnings and consult a tax advisor to ensure compliance with IRS reporting requirements. Remember, failing to report your DeFi earnings can result in penalties and legal consequences.
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