Cryptocurrency

[kawfeeguy]

I have not filed taxes since I quit my job more than 7 years ago but started buying and trading cryptocurrency in 2013. Many of these trades were done on coin-swapping sites and the associated information is not obtainable. The total value of what I held peaked at just over $200,000 at the end of 2017 but has since lost almost all value. What should I do?

[rjs]

What you should do is go to a local tax professional for help. The tax issues related to cryptocurrency are complex, and you have a serious failure-to-file problem. You need professional guidance and help.

See the recent IRS news release at the following link on the IRS web site.

IRS has begun sending letters to virtual currency owners advising them to pay back taxes