GangnamGlamour
Mon Jul 15 2024
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7 answers
1704
What happens if you don't report taxable crypto activity?
Could you elaborate on the potential consequences of not reporting taxable crypto activity? I understand that cryptocurrency transactions, when they exceed certain thresholds, are subject to taxation. However, I'm curious about the potential ramifications if individuals or entities fail to disclose these transactions. Would it result in fines, penalties, or even legal action? Is there a statute of limitations on such offenses, or could they potentially have long-term implications on one's financial status or credit rating? Clarifying these points would help me better understand the importance of proper reporting in the cryptocurrency landscape.
