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Or 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
by sarcasmatwork 7y ago
Or 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...