What happens if you don't claim crypto on taxes?

Have you ever wondered what the consequences are if you fail to report your cryptocurrency transactions on your taxes? The IRS, or Internal Revenue Service, is the tax collection agency of the United States government, and they take a very serious stance on cryptocurrency taxation. If you engage in transactions involving cryptocurrency, such as buying, selling, trading, or even receiving it as payment, you are legally obligated to report these transactions on your taxes. Failing to do so can result in a range of penalties, including fines and even criminal charges. The IRS views cryptocurrency as a type of property, and as such, any income generated from its sale or exchange is subject to capital gains tax. Similarly, if you use cryptocurrency to purchase goods or services, the value of the cryptocurrency used must be included in your taxable income. So, if you're asking what happens if you don't claim crypto on taxes, the answer is that you risk facing significant penalties and potential legal consequences. It's important to stay up-to-date on the latest tax laws and regulations surrounding cryptocurrency, and to seek the advice of a qualified tax professional if you have any questions or concerns. Don't let fear or uncertainty keep you from fulfilling your tax obligations – it's always better to be SAFE than sorry.