Cryptocurrency Q&A
What is the IRS audit for crypto?
What is the IRS audit for crypto?
Davide
Mon Jul 01 2024
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Could you elaborate on the IRS audit process for cryptocurrencies? I'm curious to understand the scope and specifics of such an audit. Does it involve a thorough review of all crypto transactions, including purchases, sales, and trades? Are there any specific thresholds or criteria that trigger an audit? Additionally, how does the IRS determine the value of cryptocurrencies for tax purposes? I'm also wondering if the audit process differs significantly for individuals and businesses involved in crypto activities. Your insights on this matter would be greatly appreciated.
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