Failure to include your cryptocurrency on your tax return can cause problems with the IRS

Failure to include your cryptocurrency on your tax return can cause problems with the IRS
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Do you have Bitcoin or any other crypto? It could come back to bite you if you don’t let the IRS know.

Regardless of how you interacted with cryptocurrencies over the past year, you are expected to include the information on your 2020 tax return. And for those who have had virtual currency income – whether it be from selling for a profit or paying a crypto for a job – you may not be reported.

“It could be a real tax problem for people trying to hide crypto revenue from the IRS,” said Kathryn Hauer, a certified financial planner with Wilson David Investment Advisors in Aiken, South Carolina.

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