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Top 10 Crypto Scams to Watch Out For. Scammers are constantly finding new ways to steal cryptocurrencies from unsuspecting users, taking advantage of the decentralized nature of the crypto industry.
How to Lower Your Cryptocurrency Tax Bill. You can lower your crypto tax bill in several ways: Sell losers. If you have been holding crypto that lost a lot of value, selling that crypto can help ...
Even if you’ve filed taxes years before and think you’ve escaped taxes on crypto gains, the IRS can still come back to you and request you to pay up. 3. Just using crypto exposes you to ...
1099 OID fraud is a common scam used to obtain money from the U.S. Internal Revenue Service (IRS) by filing false tax refund claims. [1]Form 1099-OID is intended to be submitted to the IRS by the holder of debt instruments (such as bonds, notes, or certificates) which were discounted at purchase to report the taxable difference between the instruments' actual value and the discounted purchase ...
So, avoid any rude surprises at tax time by tracking any swaps between coins carefully, noting your tax burden and setting aside any money you’ll need to pay it in a high-yield savings account ...
"The 3,000 people we've notified this year, 75% had no idea they were victims of fraud," Barnacle said. Americans lost $5.6 billion in cryptocurrency scams in 2023: FBI originally appeared on ...
Here, scammers try to sell or offer help setting up an online account on IRS.gov that puts their tax and financial information at risk of identity theft, according to the Internal Revenue Service ...
In 2026 — for tax year 2025 — brokers and crypto platforms will be required to report all crypto sales transactions directly to the IRS on a new form, 1099-DA.