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IRS begins tax clampdown on unreported cryptocurrency profits
- sarcasmatwork 7y agoOr are they just sending letters in hopes that people will pay.. imho, I've already been taxed creating the crpto. So I get taxed again? How they hell does irs know at what price I sold or bought? They dont. They can pack sand!
- derivagral 7y agoConsidering at least Coinbase is US-based, you may want/need to look into compliance with the guidance[1]. The tl;dr is that you're supposed to mark to market for each trade and denominate it in USD; if you're in the US and haven't been keeping records, I'd strongly consider retaining a tax professional for advice/service if you get one of these. I assume that the IRS isn't going to take your lack of records very seriously or kindly. [1]https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies https://www.irs.gov/businesses/small-businesses-self-employe...