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The Internal Revenue Service is tasked with collecting taxes in the United States and monitors transactions made by those in real and cryptocurrency businesses. The IRS requires crypto to provide taxpayer information for taxpayers with over $20000 in proceeds or more than 200 transactions in any given year. The provision of the taxpayer information eases the process of collecting tax because the IRS can calculate and determine the amount of tax a taxpayer is supposed to pay. However, taxpayers with less than $20000 in proceeds and less than 200 transactions are exempted from providing their transaction information. Despite being exempted from availing their transaction information, taxpayers with less than $20000 in proceeds and less than 200 transactions should pay taxes depending on the percentage rations given by the Internal Revenue Service.
In most cases, taxpayers with less than $20000 in proceeds and less than 200 transactions per year would fall under the short-term category and would, therefore, be subject to short-term capital gains rates of taxation. The taxpayers with less than $20000 in proceeds and less than 200 transactions must keep clear records of their transactions since the crypto does not send their reports to IRS. They are required to calculate their tax rates and indicate the losses or gains incurred on Form 8949. The Internal Revenue Service requires that any asset sold for a profit should be subjected to taxation. Since most taxpayers with less than $20000 in proceeds and less than 200 transactions also realize profits in their cryptocurrency transactions, they should pay taxes like the other taxpayers with more than $20000 in proceeds and more than 200 transactions.
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