In previous statements cryptocurrencies warning of risks New York Attorney General Letitia James, to investors tax on cryptocurrencies Told them to report and pay.
Reminding that the tax filing date is approaching, Attorney General James said that crypto money investors do not properly declare and pay taxes on their transactions. violation of tax law stated that.
Underlining that these violations can have high financial responsibility apart from important civil or criminal sanctions, James stated that in certain cases, they may result in criminal prosecution.
Attorney General James: “Do Not Evade The Law, Pay Your Taxes!”
Like every working US citizen crypto investors Stating that they should also pay their taxes, James made the following statements in his statement:
“Cryptocurrencies It may be new, but the law is clear. Investors must accurately report cryptocurrency transactions and pay taxes.
Paying taxes on crypto transactions is not optional and investors who do not comply with the law may face serious consequences.
I encourage all crypto investors to follow the guidance of the IRS and the New York State Department of Taxation and Finance to ensure their application is correct. “
“Use of Bitcoin And Ethereum Increases!”
Lately Bitcoin (BTC) and Ethereum (ETH) Noting that there has been a dramatic increase in the purchase of cryptocurrencies such as to the IRS and DTF rather than currency considered property told.
James therefore reminded that the general tax principles applied to property transactions apply to cryptocurrency transaction taxation.
In the warning, it was stated that the gain or loss in the value of cryptocurrencies should also be reported, and the following statements were included:
“Taxpayers have to calculate and report any gain or loss when using cryptocurrency to purchase a luxury electric vehicle, plane ticket or even a cup of coffee.”