Is it necessary to include my cryptocurrency holdings when filling out a W9 form?

Cook LangeApr 11, 2022 · 3 years ago3 answers

I am filling out a W9 form and I am wondering if I need to include my cryptocurrency holdings. Do I need to report my digital assets such as Bitcoin, Ethereum, and other cryptocurrencies on the W9 form? Will the IRS consider them as taxable assets? What are the consequences if I don't report them?

Cryptocurrency

W9 Form

Tax Reporting

3 answers

Apr 11, 2022 · 3 years ago
Yes, you are required to include your cryptocurrency holdings when filling out a W9 form. The IRS considers digital assets as property, and they are subject to taxation. Failure to report your cryptocurrency holdings can result in penalties and legal consequences. It's important to consult with a tax professional to ensure accurate reporting.
Apr 11, 2022 · 3 years ago
Absolutely! Cryptocurrency holdings should be included on your W9 form. The IRS has been cracking down on unreported digital assets, and failure to disclose them can lead to audits and penalties. Don't take any chances, it's better to be transparent and compliant with tax regulations.
Apr 11, 2022 · 3 years ago
As an expert from BYDFi, I can confirm that it is necessary to include your cryptocurrency holdings when filling out a W9 form. The IRS has issued guidelines stating that digital assets are subject to taxation. Failure to report them can result in penalties and legal consequences. It's always best to consult with a tax professional for accurate guidance on reporting your cryptocurrency holdings.