Does Binance Report to the IRS?

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Binance

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Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Binance’s tax reporting policies within United States. We’ll also break down a simple way to report your Binance taxes in minutes.

Does Binance report to the Internal Revenue Service (IRS)?

Binance no longer operates in the United States and because of this, likely does not report to the IRS.

Binance’s American subsidiary — Binance.US — issues Form 1099-MISC to customers and the IRS. In addition, the company has faced scrutiny from the federal government and is currently being investigated by the SEC.

Do I have to pay taxes on my Binance transactions?

In the United States, cryptocurrency is subject to capital gains tax and income tax.

If you’ve earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the IRS.

For more information, check out our complete guide to cryptocurrency tax.

Is Binance legal?

Binance.US is currently available in all states except New York, Texas, Hawaii, and Vermont.

Does Binance give you a tax statement?

Binance allows you to download a spreadsheet containing your complete transaction history. However, this form will not be enough to report your cryptocurrency taxes if you’ve transferred cryptocurrency into or out of the platform.

How do I avoid Binance taxes?

Remember, there is no way to legally evade your taxes. However, tools like tax-loss harvesting and cryptocurrency tax software that can help you save thousands of dollars legally.

For more information, check out our guide on how to avoid cryptocurrency taxes.

Get a Binance tax report today

Looking for a simple way to report your Binance taxes? With CoinLedger, you can import your Binance transactions and auto-generate a complete gains, losses, and income tax report in minutes.

CoinLedger integrates with Binance and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.

You can get started with a free preview report today.

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