Can the IRS track cryptocurrency?
All U.S. based crypto exchanges report to the IRS anyone receiving over $600 in sales of crypto in 2021. For prior tax years, many exchanges reported only those receiving over $20,000. In addition, the IRS has used court summons against some U.S. exchanges in the past to obtain taxpayer transaction information. They continue to do so and look for additional ways to gain insight into cryptocurrency transactions.
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