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Coinbase to turn over Information to the IRS
February 25, 2018, 01:58 PM
ZSMICHAELCoinbase to turn over Information to the IRS
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/February 25, 2018, 01:59 PM
nhtagmemberlove it
[B] Against ALL enemies, foreign and DOMESTIC
February 25, 2018, 02:21 PM
JR78So happy I didn’t jump in
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February 25, 2018, 04:27 PM
nhtagmembermore 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
February 25, 2018, 04:35 PM
comet24quote:
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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February 25, 2018, 04:58 PM
nhracecraftCoinbase 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!
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February 25, 2018, 05:23 PM
nhtagmember^^^
and thats the issue
how do they determine compliance without an investigation?
[B] Against ALL enemies, foreign and DOMESTIC
February 25, 2018, 05:38 PM
vulrathquote:
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!
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.
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February 25, 2018, 09:38 PM
DeqlynWhat 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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