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What information does the IRS require from cryptocurrency exchanges for tax purposes?

avatarSoumya GuptaNov 25, 2021 · 3 years ago3 answers

Can you provide a detailed explanation of the information that the IRS requires from cryptocurrency exchanges for tax purposes?

What information does the IRS require from cryptocurrency exchanges for tax purposes?
Cryptocurrency
IRS
Tax

3 answers

  • avatarNov 25, 2021 · 3 years ago
    Sure! The IRS requires cryptocurrency exchanges to provide information about their users' transactions. This includes the user's name, address, social security number, and the amount and type of cryptocurrency bought or sold. The exchanges are also required to report any gains or losses from these transactions.
  • avatarNov 25, 2021 · 3 years ago
    The IRS wants to ensure that individuals are accurately reporting their cryptocurrency transactions for tax purposes. By requiring exchanges to provide this information, the IRS can cross-reference it with individuals' tax returns to ensure compliance.
  • avatarNov 25, 2021 · 3 years ago
    As an expert in the field, I can tell you that BYDFi, a leading cryptocurrency exchange, complies with all IRS requirements. They provide the necessary information to the IRS to ensure that their users are in compliance with tax laws.

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