News for hackers. Stuff that matters.

A comment on Coinbase Ordered to Turn Over Identities of 14,355 Crypto Traders to the IRS. Parent comment

Re:Coinbase Ordered to Turn Over Identities of 14,355 Crypto... by KKKKkkkk1 on Thursday November 30, 2017 @12:18PM (#15817455)
I'm sure the IRS will be happy to answer your question for you. The more complex is the scenario you get yourself into, the more you open yourself to getting shaken down by the IRS.
[ Parent | on HN ]
Re:Coinbase Ordered to Turn Over Identities of 14,355 Crypto... by Kiro on Thursday November 30, 2017 @12:40PM (#15817662)
You make it sound like people do this to confuse IRS or avoid taxes. I simply like to daytrade altcoins a lot. Also, I'm not in the US but I'm interested in how this work.
[ Parent | on HN ]
Re:Coinbase Ordered to Turn Over Identities of 14,355 Crypto... by joosters on Thursday November 30, 2017 @12:52PM (#15817781)
Speak to an accountant. It's not like any of this stuff is new, people have been trading many different things for many years.
[ Parent | on HN ]
Re:Coinbase Ordered to Turn Over Identities of 14,355 Crypto... by openasocket on Thursday November 30, 2017 @01:39PM (#15818281)
I imagine it's exactly the same as how they tax currency trading.
[ Parent | on HN ]
Re:Coinbase Ordered to Turn Over Identities of 14,355 Crypto... by charlesdm on Thursday November 30, 2017 @08:03PM (#15821140)
This depends on the country.
[ Parent | on HN ]
Re:Coinbase Ordered to Turn Over Identities of 14,355 Crypto... by freeone3000 on Thursday November 30, 2017 @05:53PM (#15820399)
The IRS unironically is happy to answer this question - https://www.irs.gov/newsroom/irs-virtual-currency-guidance . Every exchange is a like-goods capital gains event, just like day-trading stocks.
[ Parent | on HN ]