SumoHonor
Thu May 09 2024
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5 answers
653
Will the IRS know if I don't report crypto?
I'm a bit concerned about tax reporting on my cryptocurrency transactions. I've heard rumors that some people don't declare their crypto profits, and I'm wondering if the IRS would really find out. Is there a way for them to track these transactions? What kind of risks am I facing if I decide not to report? I'm not trying to avoid taxes, but I'm just curious about the practicalities of it all. Could you please explain how the IRS might become aware of unreported crypto income and the potential consequences of not declaring it?
