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Taxes: How to report crypto transactions to the IRS



#taxes #crypto #IRScrypto
EY Tax Associate and Principal Thomas Shea joins Yahoo Finance’s Akiko Fujita and Bradley Smith to clarify what crypto traders ought to know earlier than submitting their 2021 taxes
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19 Comments

  1. The most I made was 2500 from trading that paid through crypto currency through withdrawl… but then that same amount I ended up putting back into the market after selling it a few days from then. and lost it , so that counts as loss right?

  2. The broker said I won't get a 1099 since the profit was less than $600. IRS isn't providing any guidance on what level of profits requires reporting.

  3. I messed up guys! I used my wife coinbase to trade without her knowledge and when she filed for taxes she answered No on the crypto question that she traded tokens because I didn't tell her anything, I am so scare to tell my wife because she already said No and that's tax evasion, what can I do please help? I know it's my fault I feel terrible.

  4. Don't do it. If the IRS wants to come after your money make them go through the effort of investigation and litigation. If it is not a substantial sum, then it will not cover their costs and they will not pursue. Paying income taxes is not now and never has been mandatory for the American people. If I am wrong, please show me the exact law that forces income tax.

  5. Don't do it. If the IRS wants to come after your money make them go through the effort of investigation and litigation. If it is not a substantial sum, then it will not out way their costs. Paying income taxes is not now and never has been mandatory for the American people. If I am wrong, please show me the exact law that forces income tax.

  6. Crypto kiddies are the worst clients. They whine if you make them use a third party software and whine at the cost if they want you to manually weed through thousands of transactions from a dozen different exchanges. Can't wait until this bubble busts just like tulip mania.

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