IRS reminds taxpayers to report virtual currency transactions

Re:IRS reminds taxpayers to report virtual currency transact... by makemoniesonlin on Sunday March 25, 2018 @05:40PM (#16674763)

Isn't it likely the person who lost the $20 bill already paid tax on it?

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Re:IRS reminds taxpayers to report virtual currency transact... by jmalicki on Monday March 26, 2018 @02:06AM (#16676967)

There's no rule that says only one person pays income tax. For example:

1) You make $20 from employment, and pay $5 income tax. 2) I sell you a sandwich for $15.

I still owe income tax for the money I made selling you a sandwich, even though you already paid tax.

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Re:IRS reminds taxpayers to report virtual currency transact... by hippich on Sunday March 25, 2018 @09:20PM (#16675835)

as well as employer, who paid tax on that $20 to the person who lost it

as well as person who found it, who paid tax on that $20, who paid employer for service, who paid person who lost it

this could be non stop recursion :)

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