The difference is brokerages will actually issue you a 1099 form. The crypto exchange sites won't.
Let's not kid ourselves... Nobody is going to be reporting crypto-to-crypto exchanges.
Let's not kid ourselves... Nobody is going to be reporting crypto-to-crypto exchanges.
Premeditated tax-negligence is fraud according to the IRS, but the thinking remains.
How many convictions will it take? Depends on how much is on the line.
[1] Currently that means excluding items individually or collectively worth more than 25% of the gross income actually stated on the return.
[2] If your omission of crypto-currency income is within 25% of your actual stated gross income, the IRS only has 6 years to audit you and assess penalties...unless they decide that the omission is a deliberate attempt to evade taxes, in which case the unlimited statute of limitations could apply.