How to buy crypto without IRS knowing?

Therefore, as long as you continue to HODL your cryptocurrency, you do not need to worry about filing taxes on those investments.

This is advantageous for investors who are confident in the long-term potential of their cryptocurrency holdings and wish to avoid unnecessary tax obligations.

Buying and holding cryptocurrency can lead to a simplified tax situation for investors.

It's important to note that even though you're not required to report your purchases, it's always a good idea to keep accurate records of your cryptocurrency transactions for future reference.

If you purchase digital assets and decide to hold onto them, also known as HODLing, you are not obligated to report these purchases on your tax return until you sell or dispose of them.