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Ukshep

Few Americans reporting crypto trading to IRS...

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Less than 100 people out of the 250,000 individuals who have already filed federal taxes this year through company Credit Karma reported a cryptocurrency transaction to U.S. tax authorities, the company said on Tuesday.

This is despite nearly 57 percent of the 2000 Americans surveyed by the credit score startup and research firm Qualtrics last month saying they had realized some gains from cryptocurrencies, according to a Credit Karma study.

Roughly the same percentage said they had never reported cryptocurrency gains to the Internal Revenue Service, while nearly half of those polled said they understood how owning cryptocurrencies affected their taxes, the study said.

The IRS considers cryptocurrencies such as bitcoin as property for federal tax purposes, meaning any profits or losses from the sale or exchange of the virtual coins should generally be reported as capital gains or losses.

https://www.yahoo.com/news/few-americans-reporting-cryptocurrency-trading-irs-now-report-080242734--sector.html

Not something I need worry about but for others I'm posting. Are you one of these people? Might come back and bite you no?

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42 minutes ago, TheToolman said:

Hence the benefit for crypto.  They can't trace it back to you!  :trolll:

That's what they want you to believe. It's a honeypot.

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Just now, counterintelligence said:

I'm confused...are we reporting a capital gain or a capital loss with bitcoin?

Both I think!

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1 hour ago, September said:

That's what they want you to believe. It's a honeypot.

This is a really far out there conspiracy theory if you understand how it works.  It's not one I can just believe without seeing how it can be done.  And given the number of super smart hackers out there with full access to look for security holes that haven't found anything, I'm not believing it.

Edited by Sir

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To report a capital gain or a loss, the coins would have to be exchanged for fiat cash. That's where the problem with crypto lies, unless you can trade crypto for tangible goods, what's the point? Also, start buying houses with crypto and other expensive items. Someone will come knocking eventually wanting to know where they came from and that devil always demands his due. 

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There is a giant loophole in Canadian law that allows people to not have to file as a taxable event (gambling). But for those that do anyway, we also have something like 800k you can claim in capital gains tax free.

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