Cryptocurrency Q&A
Does USDC report to IRS?
Does USDC report to IRS?
Sara
Sat Nov 02 2024
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7 answers
1593
I am wondering if USDC, the digital currency, is required to report any transactions or activities to the Internal Revenue Service (IRS) of the United States.
7 answers
Sara
Mon Nov 04 2024
They are required to disclose every instance of selling, swapping, or spending USDC throughout the entire financial year.
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CherryBlossomDancing
Mon Nov 04 2024
This includes any gains or losses, regardless of how small they may be.
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Daniele
Mon Nov 04 2024
To fulfill this requirement, taxpayers must use Form 8949 and Schedule D.
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Dreamchaser
Mon Nov 04 2024
In the United States, taxpayers have specific obligations when it comes to reporting their cryptocurrency transactions.
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Martina
Mon Nov 04 2024
These forms are designed to capture detailed information about the sale or exchange of capital assets, including cryptocurrencies.
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