When did this thing you're talking about happen?
I don't exactly remember but US court had something with bitcoin and ethereum at that time and they lost, that's what I recall from it. Or probably it's the Ripple case that I was recalling.
So you remember something that might be about something you recall and it might not be about bitcoin but about something else. Try harder, when has the US government completely lost in curt the means of taxing profits from bitcoin?
It might help a lot of people here cause the IRS seems to not know about that either.
We both know that's not true, leave it like that.
One can always pay a small amount on taxes and get away by making much more money. For example, if the government knows you are investing in crypto and making money, you can pay taxes on 10% of the profits and keep the 90% secret. There's no way they would ever come to know about it. I am not suggesting anyone of doing so but this is a possibility.
How do you keep the other 90% secret?
You dig a hole in the ground and bury 90% of the tokens?
Once we're talking about taking profits it means you're going to spend those and everything!!!, everything is traceable. If you're in the worst situation, that you don't have a job and you're relying on only profit from different crypto deals or investments, if you're invited to the financial authority and they ask you what do you do for a living and how can you afford rent and food what are you going to tell?
Do you think they are stupid enough to believe your words since you neglected to declare that income in the first place? You know that a false income statement is a crime in almost every country, would you still stand by it?
The age of keeping a low profile, making a few hundred $ from coins, and staying under the radar is long gone, a lot of countries have regulations now, rules and laws, this is no longer a game for kids and some poeple will find out in a really bad way.