IRS sniffing around Coinbase - page 3.

JimboToronto

legendary

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You're never too old to think young.

Quote from: quake313 on November 22, 2016, 08:17:45 PM

One would have to be stupid to think that trading on a US exchange is safe from the IRS. I would hope people with some common sense planned ahead if they did so.

Hooray for anonymous off-exchange trading.

It's like trying to tax a street hooker who takes her "fee" to buy dope from a street dealer. No names, no banks, no taxes.

chesthing

legendary

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Quote from: anonymoustroll420 on November 22, 2016, 08:23:25 PM

Quote from: quake313 on November 22, 2016, 08:17:45 PM

One would have to be stupid to think that trading on a US exchange is safe from the IRS. I would hope people with some common sense planned ahead if they did so.

Most people knew that if you bought bitcoin and then later sold them that you must report that to the IRS.

I don't think that's true at all, that most people realized that. If you bought bitcoin at, say, $250 then sold it for, say, $240 and took a loss, wtf would think they needed to report that?!

chesthing

legendary

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I find the defining by the irs of bitcoin as "property" rather than "currency" more interesting. I've never bought or sold a single thing with bitcoin because I never saw the advantage over fiat. This could get really ugly for bitcoin users if the irs wants to pursue this.

anonymoustroll420

full member

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Quote from: quake313 on November 22, 2016, 08:17:45 PM

One would have to be stupid to think that trading on a US exchange is safe from the IRS. I would hope people with some common sense planned ahead if they did so.

Most people knew that if you bought bitcoin and then later sold them that you must report that to the IRS.

However not a lot of people realize that if you buy bitcoins and spent them on something, you must report your profit/loss from the time you purchased them till the time you spent them, to the IRS. In fact, many people had the belief that if you did not interact with fiat you did not need to report your transactions to the IRS, but that is not the case.

Also transactions from people who are not coinbase users but transacted with a business that uses coinbase as a payment processor may now have those transactions handed over to the IRS.

quake313

sr. member

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One would have to be stupid to think that trading on a US exchange is safe from the IRS. I would hope people with some common sense planned ahead if they did so.

chesthing

legendary

Activity: 1414

Merit: 1000

I wonder how many traders have reported profits and losses?
http://fortune.com/2016/11/20/irs-bitcoin-tax-evasion-case/
This is where being a shitty trader (like myself) actually could end up being a good thing. Have you made a fuck-ton of money with bitcoin over the last couple years trading? better look behind your shoulder. What's even more interesting is, the irs treats bitcoin as property not as currency. So, everthing you ever "bought" with btc is supposed to be reported.
Just in case a mod decides to delete this post as it's not related to speculation, you are outayourmind if you don't think this is bearish news for the bitcoin price.

Topic: IRS sniffing around Coinbase - page 3. (Read 2294 times)