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does exodus wallet report to irs
Exodus Wallet, a non-custodial cryptocurrency software, does not directly report transactions to the IRS, leaving users accountable for accurate tax reporting.
Oct 29, 2024 at 09:31 pm
Exodus Wallet and IRS Reporting
1. Background
Exodus is a popular cryptocurrency software wallet that allows users to store, manage, and exchange cryptocurrencies. The wallet is non-custodial, meaning that users maintain control of their private keys and the associated crypto assets.
2. IRS Reporting Requirements
In the United States, cryptocurrency is treated as property for tax purposes. As such, cryptocurrency transactions are subject to capital gains and losses, as well as other tax rules.
3. Does Exodus Wallet Report to the IRS?
No, Exodus Wallet does not directly report transactions to the IRS. This is because Exodus is a non-custodial wallet, and users maintain control of their private keys. Therefore, Exodus does not have access to user transaction data or account information.
4. Tax Reporting Responsibility
Individuals are responsible for accurately reporting their cryptocurrency transactions and calculating their tax liability. They should keep detailed records of their transactions, including the purchase price, sale price, and dates.
5. IRS Guidance
In 2014, the IRS issued guidance on cryptocurrency taxation (IRS Notice 2014-21). The guidance clarified that cryptocurrency is considered property, and transactions should be reported on tax returns.
6. Third-Party Services
While Exodus does not report transactions to the IRS, there are third-party services available that can help users track their cryptocurrency transactions and generate tax reports.
In summary:
- Exodus Wallet is a non-custodial wallet that does not report transactions to the IRS directly.
- Users are responsible for reporting cryptocurrency transactions and calculating tax liability.
- The IRS considers cryptocurrency as property, and transactions are subject to capital gains and losses.
- Third-party services can assist with cryptocurrency tax reporting.
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