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Do I have to report income on my tax return from virtual currency transactions?
The IRS issued a noticein March 2018 advising taxpayers virtual currency transactions resulting in income should be reported ontheir income tax returns. If a taxpayer fails to report virtual currency transactions as required by law, the taxpayer could be audited and face civil consequences, including penalties and interest. In addition, the IRS could refer the matter for criminal charges, including tax evasion, tax fraud, and filing a false tax return.
This information applies to Everywhere in United States.