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t’s been known for months that the U.S. Internal Revenue Service was going after cryptocurrency tax cheats.

The reality is now really setting in, as Coinbase has notified thousands of its customers about it getting ready to hand over their crypto transactions, and personal data to the taxing authority.

Further story here:
https://cryptovest.com/news/yo...00-customers-to-irs/
 
Posts: 17175 | Location: Stuck at home | Registered: January 02, 2015Reply With QuoteReport This Post
Political Cynic
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love it Smile



[B] Against ALL enemies, foreign and DOMESTIC


 
Posts: 53085 | Location: Tucson Arizona | Registered: January 16, 2002Reply With QuoteReport This Post
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So happy I didn’t jump in


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Posts: 1963 | Location: DFW | Registered: December 17, 2007Reply With QuoteReport This Post
Political Cynic
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more than a dozen different cryptocurrencies out there

this is the first - I have no doubt they will go after Bitcoin and the others in due time



[B] Against ALL enemies, foreign and DOMESTIC


 
Posts: 53085 | Location: Tucson Arizona | Registered: January 16, 2002Reply With QuoteReport This Post
Just for the
hell of it
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quote:
Originally posted by nhtagmember:
more than a dozen different cryptocurrencies out there

this is the first - I have no doubt they will go after Bitcoin and the others in due time


Coinbase isn't a cryptocurrency itself it's a site to buy/sell/trade cryptocurrency.

This includes bitcoin and several others traded through the site.


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Posts: 16378 | Registered: March 27, 2004Reply With QuoteReport This Post
Shall Not Be Infringed
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Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, etc with fiat currencies in around 32 countries, and bitcoin transactions and storage in 190 countries worldwide.

As they're ALREADY be providing 1099's to US account holders, I'm not seeing any IRS issue here....Unless somebody's cheating on their taxes! Wink


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Posts: 8785 | Location: New Hampshire | Registered: October 29, 2011Reply With QuoteReport This Post
Political Cynic
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^^^

and thats the issue

how do they determine compliance without an investigation?



[B] Against ALL enemies, foreign and DOMESTIC


 
Posts: 53085 | Location: Tucson Arizona | Registered: January 16, 2002Reply With QuoteReport This Post
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quote:
Originally posted by nhracecraft:
Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, etc with fiat currencies in around 32 countries, and bitcoin transactions and storage in 190 countries worldwide.

As they're ALREADY be providing 1099's to US account holders, I'm not seeing any IRS issue here....Unless somebody's cheating on their taxes! Wink


They're also an actual bank, covered under FDIC.

I played around with Litecoin. The 3 weeks between when I bought and when I sold were the 3 worst weeks of the year for said cryptocurrency. I no longer have the spare cash, so I haven't bothered trying again.


"In order to understand recursion, you must first learn the principle of recursion."
 
Posts: 3349 | Location: Memphis, TN | Registered: August 23, 2010Reply With QuoteReport This Post
stupid beyond
all belief
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What they dont mention is how coinbase erroneously 1099d people for millions in gains based off an error.

Im not sure how this is news? Do I care if your employer or investment platform gives your 1099 to the IRs which it already does? NOPE.

For those with Crypto exceeding 10k on a foreign platform you need to make sure you complete the foreign assets form or youll get Effed pretty hard for.not doing that. Not illegal to have foreign assets, is illegal to intentionally not report. Fineable if unintentional.



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Posts: 8227 | Registered: September 13, 2012Reply With QuoteReport This Post
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