Because cryptocurrency exchanges have not previously been required to provide reports to their customers (like traditional brokers do), many taxpayers unknowingly failed to report their capital gains from cryptocurrencies, thus cheating the U.S. government out of tax income.*
In fact, legislators felt that underreporting of cryptocurrency gains was such a problem, IRS form 1040 now includes a new line that asked, At any time during the year, did you receive, sell, exchange, or otherwise acquire any financial interest in any virtual currency?
What is perceived as lying and not lying on your taxes. Crypto gives the appearance of an investment and what is the point if your investment when viewable value is now all fake. More so than before and worse in the future with more regulations coming.
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