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From the summons[1]: "The Narrowed Summons “do[es] not include users: (a) who only bought and held bitcoin during the 2013-15 period; or (b) for which Coinbase
by DINKDINK 9y ago
From the summons[1]:
"The Narrowed Summons “do[es] not include users: (a) who only bought and held bitcoin during the 2013-15 period; or (b) for which Coinbase filed Forms 1099-K during the 2013-15 period.” (Id. ¶ 2.) According to Coinbase, the Narrowed Summons requests information regarding 8.9 million transactions and 14,355 account holders."
Looks like the IRS is encouraging hodling /s
Seriously though I'm glad that the tax court reduced the reporting requirement to just people who likely have a tax obligation (bought and sold) than people who merely bought and hadn't sold.
[1]https://assistly-production.s3.amazonaws.com/75687/kb_article_attachments/128798/CoinbaseOrder_original.pdf?AWSAccessKeyId=AKIAJNSFWOZ6ZS23BMKQ&Expires=1519430515&Signature=VNPqt1DH2RSgmZykg4q71MmaoVQ%3D&response-content-disposition=filename%3D"CoinbaseOrder.pdf"&response-content-type=application%2Fpdf https://assistly-production.s3.amazonaws.com/75687/kb_articl...
- bhouston 9y agoHolding avoids triggering capital gains right?
- deleted 9y ago[deleted]
- berbec 9y agoYes. You only owe taxes on the dollar (capital) increase in value (gains), calculated when sold.
- curryhowardiso 9y agoYes but this is related to the legal basis for the claim, just because there are people who may have committed fraud, doesn’t give the government carte blanche to request any more than they’re legally entitled to obtain.
- sowbug 9y ago"and held" must be interpreted as "and didn't move the bitcoin out of Coinbase." I don't otherwise see how Coinbase would know whether it was held or sold.