Economy

IRS warns: Report cryptocurrency income or face audits, criminal charges

By Pete Kasperowicz
Published March 23, 2018 7:58pm ET
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IRS warns: Report cryptocurrency income or face audits, criminal charges
Coins representing Bitcoin, center and right, Litecoin, left, cryptocurrencies sit reflected on a polished surface in this arranged photograph in London, U.K., on Thursday, Feb. 8, 2018. Cryptocurrencies tracked by Coinmarketcap.com have lost more than $500 billion of market value since early January as governments clamped down, credit-card issuers halted purchases and investors grew increasingly concerned that last year’s meteoric rise in digital assets was unjustified. | (Luke MacGregor/Bloomberg)

The IRS reminded taxpayers Friday that anyone who made money in 2017 by trading in cryptocurrencies like bitcoin must report that income, and could face criminal charges if they don’t.

The IRS said it’s aware that people “may be tempted to hide taxable income,” especially income earned by trading in difficult-to-trace virtual currencies.

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Bitcoin Cryptocurrency IRS Money Taxes