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| Member |
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/ | ||
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Political Cynic |
love it  [B] Against ALL enemies, foreign and DOMESTIC | |||
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Member |
So happy I didn’t jump in ______________________________ Men who carry guns for a living do not seek reward outside of the guild. The most cherished gift is a nod from his peers. | |||
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| Political Cynic |
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 | |||
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| Just for the hell of it  |
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. _____________________________________ Because in the end, you won’t remember the time you spent working in the office or mowing your lawn. Climb that goddamn mountain. Jack Kerouac | |||
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Shall Not Be Infringed |
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!  ____________________________________________________________ If Some is Good, and More is Better.....then Too Much, is Just Enough !! Trump 2024....Make America Great Again! "May Almighty God bless the United States of America" - parabellum 7/26/20 Live Free or Die! | |||
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| Political Cynic |
^^^ and thats the issue how do they determine compliance without an investigation? [B] Against ALL enemies, foreign and DOMESTIC | |||
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| Caught in a loop |
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." | |||
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| stupid beyond all belief  |
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. What man is a man that does not make the world better. -Balian of Ibelin Only boring people get bored. - Ruth Burke | |||
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