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Can The IRS Track Your Crypto?

In 2022, the IRS received a substantial budget increase to combat tax evasion, with a focus on cryptocurrencies. Are cryptocurrencies traceable by the IRS? Yes, they are. Blockchain technology, used by cryptocurrencies like Bitcoin, maintains transparent, publicly accessible ledgers, allowing government agencies, including the IRS, to track transactions. Crypto exchanges have been pressured to share customer data with the IRS. Many prominent exchanges, such as Binance, Coinbase and others, report to the IRS using 1099 forms. Notably, the IRS has won John Doe summons against Coinbase, Kraken, and Poloniex, compelling them to share user data. To report crypto activities to the IRS, you need to provide transaction dates, cost basis, fair market values, capital gains or losses, transaction details, and purchase/sale receipts. This information should be reported on Form 8949, Schedule D, and Schedule 1 as part of your annual tax return. Don't worry about the complexity; you can use Koinly crypto tax calculator to simplify the process. Koinly syncs with your exchanges, wallets, and blockchains, making it easy to calculate capital gains, losses, income, and expenses for your tax report. Keep in mind that the IRS can audit your tax history, and tax fraud has no time limit. To avoid tax evasion penalties, consider amending your previous tax returns using IRS Form 1040X. If you've deliberately underreported or avoided reporting crypto, the IRS offers Form 14457 for voluntary disclosure. [Read] Full IRS Tracking Crypto Guide https://koinly.io/blog/can-the-irs-tr... [Read]US crypto guide https://koinly.io/cryptocurrency-taxes/ [Watch] Complete Crypto Tax Guide 2025    • How To Do Your Crypto Taxes FAST in 2...   [Watch] Adding Manual Transactions    • How To Manually Add Crypto Transactio...   --- Koinly Feedback https://feedback.koinly.io/ Koinly Forum https://discuss.koinly.io/ Koinly Contact https://koinly.io/contact/ Koinly Help Center http://support.koinly.io/ Our tax team has done a lot of the groundwork to provide you with facts and education on crypto taxes, but neither myself nor Koinly are financial or tax advisers. This information is for educational purposes only and is not tax, financial, or legal advice. It’s not comprehensive or a substitute for professional advice. Examples given may not apply to you.