News for hackers. Stuff that matters.

A comment on Treasury Calls for Crypto Transfers over $10k to Be Reported to IRS. Parent comment

Re:Treasury Calls for Crypto Transfers over $10k to Be Repor... by pwg on Thursday May 20, 2021 @02:52PM (#27225470)
The specific language in the 2020 US1040 instructions say otherwise:

"A transaction involving virtual currency does not include the holding of virtual currency in a wallet or account, or the transfer of virtual currency from one wallet or account you own or control to another that you own or control." (2020 1040 instructions, pg. 16)

So as long as you "own or control" both wallets, your described transfer would not be a reportable event under the current tax instructions.

[ Parent | on HN ]
Re:Treasury Calls for Crypto Transfers over $10k to Be Repor... by cwkoss on Thursday May 20, 2021 @03:34PM (#27225994)
Easy peasy. If you don't want to report a transaction, move from personal wallet to joint wallet. Then recipient moves from joint wallet to personal wallet.

If both parties have shared ownership and control of the joint wallet, I think this would get around the reporting requirement.

[ Parent | on HN ]
Re:Treasury Calls for Crypto Transfers over $10k to Be Repor... by ska on Thursday May 20, 2021 @04:52PM (#27227076)
> Easy peasy.

All these sort of regulations tend to have language disallowing actions made just to avoid the requirement (see, for example, "structuring")

[ Parent | on HN ]
Re:Treasury Calls for Crypto Transfers over $10k to Be Repor... by Edman274 on Thursday May 20, 2021 @11:18PM (#27230112)
https://xkcd.com/1494/

"Lifehack - you can just take all the luggage off the conveyor belt at the airport and leave with it. They don't check at the door!"

[ Parent | on HN ]
Re:Treasury Calls for Crypto Transfers over $10k to Be Repor... by amanaplanacanal on Thursday May 20, 2021 @03:48PM (#27226190)
I doubt any court would agree with you on that.
[ Parent | on HN ]