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Does ByBit Report to the IRS?

ByBitUnited States
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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 ByBit’s tax reporting policies within United States. We’ll also break down a simple way to report your ByBit taxes in minutes.

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

Because ByBit no longer operates in the United States, it’s unlikely that the platform reports to the IRS. 

However, it’s important to remember that you’re required to report all taxable income to the IRS. Intentionally misreporting your taxable income is considered tax evasion — a serious crime with serious consequences. 

Do I have to pay taxes on my ByBit transactions?

Yes. In the United States, your transactions on ByBit and other platforms are subject to income and capital gains 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 taxes

Is ByBit legal?

ByBit pulled out of the United States due to a lack of regulatory clarity around cryptocurrency trading. 

How do I avoid ByBit taxes?

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

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

Get a Bybit tax report today

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

CoinLedger integrates with ByBit 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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