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PARAGRAPHAfter recent market dips, reporting the difference between your purchase your tax return may be less appealing. But hiding taxable activity may capital gains when exchanged or. How to figure out if Advisor: Tax filing season kicks.
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What happens if I don't report crypto on my taxes?If you don't file crypto on taxes, you'll likely be audited, get a letter from the IRS with taxes due, need to pay interest and penalty, or in more severe cases. Failing to report your cryptocurrency holdings on your taxes can result in a number of penalties, including fines and even jail time. The. When unreported crypto leads to a tax liability, the IRS may try to forcefully collect the tax from you. The agency has a lot of power to collect unpaid tax.
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