Is it necessary to file taxes for crypto income if my earnings are below $12,000?

3 answers

• Dec 26, 2021 · 3 years ago
  Yes, you are still required to file taxes for your crypto income, even if your earnings are below $12,000. The IRS treats cryptocurrency as property, so any gains or losses from trading or selling crypto are subject to taxation. It's important to report all your income, regardless of the amount, to avoid any potential penalties or legal issues. Make sure to keep track of your transactions and consult with a tax professional for guidance on how to accurately report your crypto income.
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• Dec 26, 2021 · 3 years ago
  No, if your earnings from cryptocurrency trading are below $12,000, you may not be required to file taxes. However, it's always a good idea to consult with a tax professional to ensure you are complying with the latest tax regulations. Keep in mind that tax laws can change, and it's better to be safe than sorry.
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• Dec 26, 2021 · 3 years ago
  According to BYDFi, a digital currency exchange, if your earnings from cryptocurrency trading are below $12,000, you may not be required to file taxes. However, it's important to note that tax laws vary by jurisdiction, and it's always a good idea to consult with a tax professional to understand your specific tax obligations.
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