Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Voyager’s tax reporting policies within United States. We’ll also break down a simple way to report your Voyager taxes in minutes.
Does Voyager report to the Internal Revenue Service (IRS)?
Voyager’s privacy policy states that the exchange has the right to report customer information to tax agencies like the IRS upon request.
Does Voyager issue Form 1099?
According to the company’s website, Voyager issues Form 1099-MISC to relevant customers and the IRS.
Do I have to pay taxes on my Voyager transactions?
Yes. In the United States, cryptocurrency — on Voyager and other platforms — is subject to income and capital gains tax. This applies to transactions made before the Voyager bankruptcy filing.
For more information, check out our complete guide to cryptocurrency taxes.
Is Voyager legal?
While Voyager no longer allows customers to make transactions, the exchange legally operated in the United States before its bankruptcy.
How do I avoid Voyager 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.
Get a Voyager tax report today
Looking for a simple way to report your Voyager taxes? With CoinLedger, you can import your Voyager transactions and auto-generate a complete gains, losses, and income tax report in minutes.
CoinLedger integrates with Voyager 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.
FAQs
Yes. In the United States, cryptocurrency — on Voyager and other platforms — is subject to income and capital gains tax. This applies to transactions made before the Voyager bankruptcy filing. For more information, check out our complete guide to cryptocurrency taxes.
Can I claim my voyager losses on taxes? ›
If you meet the criteria to consider your investment as “worthless”, you can claim the loss. However, by doing so you are relinquishing your rights to claim the assets in the future. Investment losses can offset your capital gains during the year and up to $3,000 of income.
What crypto wallet does not report to the IRS? ›
Some cryptocurrency exchanges do not report user transactions to the IRS, including: Decentralized crypto exchanges (DEXs) like Uniswap and SushiSwap. Some peer-to-peer (P2P) platforms. Exchanges based outside the US that do not have a reporting obligation under US tax law.
Will Voyager send me a 1099? ›
Yes. If you've made more than $600 on Voyager, you may receive a 1099-MISC form from Voyager.
Can the IRS find out about cryptocurrency? ›
Cryptocurrencies are traceable, with transactions recorded on a public ledger accessible to the IRS. The IRS uses advanced methods to track crypto transactions and enforce tax compliance. Centralized exchanges provide user data to the IRS.
Does Voyager report to IRS? ›
Yes. In the United States, cryptocurrency — on Voyager and other platforms — is subject to income and capital gains tax. This applies to transactions made before the Voyager bankruptcy filing. For more information, check out our complete guide to cryptocurrency taxes.
Will people get their money back from Voyager? ›
If you don't transfer your crypto in this timeframe, you'll receive your initial recovery in U.S. dollars "at a later date, subject to market fluctuations." Find Voyager's full announcement here: How to Withdraw Crypto. According to CoinDesk, Voyager's creditors will recover an estimated 36% of their assets.
Will the IRS catch 1099? ›
The IRS employs various methods to detect discrepancies in tax reporting, including the absence of 1099 forms. While the IRS does not catch every missing 1099 immediately, their sophisticated systems and data-matching capabilities make it likely that discrepancies will be identified over time.
How do I get a tax form for my Voyager? ›
Where do I get Voyager tax forms?
- Login into your Voyager account and navigate to the export page;
- Select: Would you like a CSV of all transactions? -> Yes;
- Fill the rest of the form;
- Upload the CSV file here.
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You must report income, gain, or loss from all taxable transactions involving virtual currency on your Federal income tax return for the taxable year of the transaction, regardless of the amount or whether you receive a payee statement or information return.
What happens if I don't report crypto on taxes? ›
US taxpayers must report any profits or losses from trading cryptocurrency and any income earned from activities like mining or staking on tax return forms, such as Form 1040 or 8949. Not reporting can result in fines and penalties as high as $100,000 or more severe consequences, including up to five years in prison.
Which crypto is not traceable? ›
Unlike traditional cryptocurrencies, Monero uses ring signatures, stealth addresses, and confidential transactions to obfuscate the sender, recipient, and transaction amount. This means that transactions made with Monero are virtually untraceable, making it difficult for anyone to uncover your financial activities.
Can I write off crypto losses on my taxes? ›
If you sell your crypto for a loss, the IRS allows you to offset losses against other income on your tax return. These so-called “realized losses” can be used to offset other taxable investment profits. When you hear the term “realized,” it usually means that an asset was sold.
Can I write off investment losses on my taxes? ›
The IRS allows you to deduct from your taxable income a capital loss, for example, from a stock or other investment that has lost money. Here are the ground rules: An investment loss has to be realized. In other words, you need to have sold your stock to claim a deduction.
Can you claim tax relief on investment losses? ›
Losses made from the sale of capital assets are not allowed to be offset against income, other than in very specific circ*mstances (broadly if you have disposed of qualifying trading company shares). You cannot claim a loss made on the disposal of an asset that is exempt from capital gains tax (CGT).
