RE: The IRS is Gonna Getcha' BTC & Crypto Holders...Well, at Least 50% of You.
I think the blockchain is the IRS wetdream. You mean to tell me they will publicly allow all of their transaction to be views by anyone from anywhere at any time? You don’t even need to file paper work for this information? Yep and I’m sure who ever worked that out at the IRS got a promotion!
It’s why I been advising people to check up on whatever exchanges they use and think long an hard if they “owe” any taxes. People think they will just ride under the radar for forever. That cryptocurrency will always be this crazy wild west whatever goes.
It’s a scary thought if they ever doubled the IRS budget into the kind of computer systems and software they need to be able to go after every single cent it be worth it. Let’s hope they fail to understand it be worth spending that kind of money.
Yes! I was reading it earlier - I didn't have anything intelligent to add so just left you an upvote. You realize absolutely no one wants to hear what you're saying though, right? ;-) Stop being so damn rational haha.
Luckily we know when it comes to gov't bureaucracy they are old and slow. That said, I'm sure they won't have any problems making very public examples of what can happen to those cryto-vestors who don't disclose everything.
I was reading the other day that the legal loophole not requiring one to report a trade of like things - ie BTC to Ether - was closed to now specify that it only applies to 'real property'. so technically we're supposed to report literally every crypto transaction - and if you don't keep records, you'll be taxed at whatever the current rate is.
Such a headache. Death and taxes, man :-(
After all these years its true they want to tax World of Warcraft gold then lol.
Them changing such rules then will centrally make some insane court cases to follow.
Time for us all to turn into LLC’s.
But only a certain category of LLCs!
Tax on WoW - too funny !