I guess maybe people themselves are scared of reporting because the way the system is structured for you to even make a report, it means you are also involved which might even expose you to further interrogation so I guess when people get duped by in the course of using bitcoin, instead of reporting formally, they just leave with the loses, learn their lessons and move on... Simple as that...
Topic: Only 802 People Told the IRS About Bitcoin—Lawsuit (Read 1173 times)
I guess maybe people themselves are scared of reporting because the way the system is structured for you to even make a report, it means you are also involved which might even expose you to further interrogation so I guess when people get duped by in the course of using bitcoin, instead of reporting formally, they just leave with the loses, learn their lessons and move on... Simple as that...
That is really a low number. I can imagine a lot of these people either holding it or selling it and then not reporting taxes because it being a low amount. Also a bummer for bitcoin as it definitely brings it in the blackbook for the government.
It's pretty obvious that Bitcoin users won't want to pay tax if they're dealing with significant amounts of money. With small amounts, you can get away with not declaring it so it's fine. With large amounts, it's just too easy not to pay - sell it for cash, hold and trade it or really most methods that don't involve paying into your bank account won't need taxing. It really raises questions about the legality of Bitcoin if it was more popular as governments might be afraid of a decrease in income. I guess maybe people themselves are scared of reporting because the way the system is structured for you to even make a report, it means you are also involved which might even expose you to further interrogation so I guess when people get duped by in the course of using bitcoin, instead of reporting formally, they just leave with the loses, learn their lessons and move on... Simple as that...
Doesn't mean shit cause what about if I send you bitcoin to settle a debt, that doesn't need to be reported to the IRS.
Neither small accounts with small amounts (those testing the system.)
There is a disconnect between those that use it regularly and those occasionally.
And there are those that report it on form 1120 (corporations.)
This smell like a scam actually.
Neither small accounts with small amounts (those testing the system.)
There is a disconnect between those that use it regularly and those occasionally.
And there are those that report it on form 1120 (corporations.)
This smell like a scam actually.
That is really a low number. I can imagine a lot of these people either holding it or selling it and then not reporting taxes because it being a low amount. Also a bummer for bitcoin as it definitely brings it in the blackbook for the government.
This happens because maybe with so many business people using bitcoin, but they do not pay taxes as the responsibilities and obligations as good citizens, in accordance with government regulations in their country
HAHA, probably alot of people don't cash out to their bank account, they just hodl and trade alts. And thus don't pay income tax.
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