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Ukshep

The Taxman Cometh: Court Orders Coinbase To Hand Over Info On Cryptocurrency Users

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Most could see the writing on the wall: the taxman cometh.  The Internal Revenue Service has been upset that Americans are daring to make money that they cannot tax, but not for much longer.

Bitcoin’s initial big draw was that it was unregulated by the government.  Most digital currencies exist in a sort of twilight state just beyond the grasp of federal regulators, but the U.S. tax authority is starting to get upset that they cannot steal this money, so they’ve figured out how to do just that.

http://www.shtfplan.com/headline-news/the-taxman-cometh-court-orders-coinbase-to-hand-over-information-on-cryptocurrency-users_11302017

Let the fun begin. :blink:

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Next question.... There are forum owners (Not I) That have been running money into bitcoin. Money that otherwise has avoided tax. This money is now logged as existing where it was not before.... That means my friend that they now know all you have and that tax-bill may be extremely large! :gsbrnint:

Or maybe I'm just playing around... Talking is fun!

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Why is this any surprise?  It's exactly what the NY Stock exchange is also obliged to do so for all who trade on it.  Why would it be expected to be any different with Coinbase?
 

Edited by Sky Cat
typo

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Just now, Ukshep said:

Next question.... There are forum owners (Not I) That have been running money into bitcoin. Money that otherwise has avoided tax. This money is now logged as existing where it was not before.... That means my friend that they know all you have and that bill may be large! :gsbrnint:

America is always getting cucked. But as long as they didn't use any American based business to put money in they are alright. This shouldn't come as a surprise to anyone though, im sure most were expecting it to happen eventually. Any American (specifically American) who had any brains would have traded cash for coins like monero and went to international exchanges to do trades, otherwise, feed the beast, its hungry.. :hiding:

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1 minute ago, Libertyordeath19 said:

I hope coinbase tells them to piss off!  Just like Apple did.

I doubt it, Coinbase is (((coinbase))), it's basically a bank at this point.

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30 minutes ago, Sky Cat said:

Why is this any surprise?  It's exactly what the NY Stock exchange is also obliged to do so for all who trade on it.  Why would it be expected to be any different with Coinbase?
 

I don't quite understand either. I guess if it is currency if it gains value how can that be taxed? Like if my regular dollars just started gaining a ton of value I wouldn't owe the IRS some of that value. I only owe them on new dollars I earn. Now if I transfer something like Gold into money do I have to pay tax on that? I am unsure.

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8 minutes ago, Jerry Garcia said:

I don't quite understand either. I guess if it is currency if it gains value how can that be taxed? Like if my regular dollars just started gaining a ton of value I wouldn't owe the IRS some of that value. I only owe them on new dollars I earn. Now if I transfer something like Gold into money do I have to pay tax on that? I am unsure.

Crypto isnt classified as a currency, but if they traded into fiat (which is coinbases main thing) its taxed, thats what the IRS is after right now, anyone who claimed more than 20k (or spent more than 20k). Only goody-two-shoes would claim their gold if they sold, most people will sell for cash.

Edited by Zimix99

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1 hour ago, Jerry Garcia said:

I don't quite understand either. I guess if it is currency if it gains value how can that be taxed? Like if my regular dollars just started gaining a ton of value I wouldn't owe the IRS some of that value. I only owe them on new dollars I earn. Now if I transfer something like Gold into money do I have to pay tax on that? I am unsure.

The IRS taxes on profit gained.  If you trade Forex then they will do the same.  Same difference.  If you made a loss trading then there's no tax (but if I were dealing with the IRS I'd tell them to PAY ME! :gsbrnint: )
 

Edited by Sky Cat
typo

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