Re:Another Internet Bubble Lesson (Pay Your Crypto Taxes)
by jsgo on Monday January 08, 2018 @04:25PM
(#16100749)
to emodendroket's point, I recall reading an article that in the previous year (2016) that the IRS stated that very few people were claiming bitcoins in their taxes. I'm not versed on cryptocurrencies so I don't know how plausible it is that they know this, but it seems like something they're looking at now.
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Re:Another Internet Bubble Lesson (Pay Your Crypto Taxes)
by neuronexmachina on Monday January 08, 2018 @07:10PM
(#16102246)
Basically, only 802 people told the IRS about their 2016 profits in CoinBase, one of the more popular exchanges. It's safe to assume that number was a tiny fraction of the actual US users.
Re:Another Internet Bubble Lesson (Pay Your Crypto Taxes)
by AznHisoka on Monday January 08, 2018 @08:29PM
(#16102698)
How would the IRS know the exact number? What about people who lumped their bitcoin gains with their other capital gains?
Re:Another Internet Bubble Lesson (Pay Your Crypto Taxes)
by jsgo on Tuesday January 09, 2018 @02:22PM
(#16108933)
I imagine it is like anything else: they don't know, but if they do an audit or another agency is investigating you for something else and they notice, then they start investigating it.
I do think it is fair to say that there are more than 802, apparently, people in the United States in 2016 that mined/bought/sold bitcoin so they definitely see there is a problem.