How to Avoid a Cryptocurrency Tax Audit by The IRS: The Full Crypto Tax Guide

If you have bought or sold cryptocurrency in the last year, you’ll need to report your gains on your taxes, which is why you likely need to be aware of the IRS cryptocurrency guidance. Reports show that in 2018, less than 0.4% of Americans reported their cryptocurrency gains to the IRS. At the time, roughly 7% of Americans were estimated to own Bitcoin or other cryptocurrencies. Since then the number of people who own cryptocurrencies has jumped significantly. Currently, 16% of Americans report having used or owned cryptocurrencies. However, cryptocurrency tax reporting is still lagging. Because of this, the IRS is cracking down on cryptocurrency holders. Previously the IRS cryptocurrency guidance was somewhat slow to keep up with the digital asset class. Now, however, the tax laws on crypto are firmly set in place, and the IRS is taking a less lenient approach to non-disclosure of cryptocurrency assets and earnings. This is leading many holders to wonder if they will automatically get audited by the IRS this tax season, and what will happen if they do. Check this video out for info about IRS cryptocurrency guidance and what to do to avoid an audit! And for more info, head here: https://silvertaxgroup.com/avoid-cryptocurrency-audit/

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