This has started when the IRS agency collected data on Coinbase account holders who bought, sold, sent or received digital currency.
"Late last year, the Internal Revenue Service persuaded a federal judge to require Coinbase, a San Francisco-based digital-currency wallet and platform with about 20 million customers, to turn over customer information. Driving the IRS’s decision was its belief that few bitcoin investors appear to be paying taxes due on sales. The court order is one of the agency’s first moves as it clamps down on cryptocurrency scofflaws."
But of course if you never used Coinbase well than it might not so crazy after all, Using steemit of course its easy to see capital gains and easy to share the steem earned and bought you can also extract information from exchanges.
Pay your taxes on bitcoin…or else.
In a perfect world I would say fuck paying taxes.. hence we do not live an in decentralized world yet.
Coinbase is a fault in the system, since Crypto is supposed to be trail-less.
Now it is been said some cryptocurrency holders are now disclosing past tax lapses to avoid potential criminal prosecution, is that not crazy to think if you do not report your cryptocurrency gains you can get tossed in jail for missing on Taxes?
Regulation is coming no matter how it looks
Your Cryptocurrencies which are held for trading are treated as a commodity and if gains or losses are made, it must be reported as a capital gain or loss, with 50% being taxable so make sure you have all this data ready.
Congratulations @creativebox, this post is the most rewarded post (based on pending payouts) in the last 12 hours written by a Dust account holder (accounts that hold between 0 and 0.01 Mega Vests). The total number of posts by Dust account holders during this period was 8916 and the total pending payments to posts in this category was $1078.21. To see the full list of highest paid posts across all accounts categories, click here.
If you do not wish to receive these messages in future, please reply stop to this comment.
Leave me alone TAX!!!!!
Instead of the IRS Judging people on not paying taxs, they could make it easier to comply with? for instance litecoin and BCC are currencies! why should they be taxed?
Should i bed taxed when my dollar rise's against the pound?
There needs to be some more distinction in the space. The IRS brand everyone under the Bitcoin definition, but we have currencies... we have utility tokens we have shares... they are all taxed differently.
Congratulations @creativebox! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @creativebox!
Your post was mentioned in the Steemit Hit Parade for newcomers in the following category:
I also upvoted your post to increase its reward
If you like my work to promote newcomers and give them more visibility on Steemit, feel free to vote for my witness! You can do it here or use SteemConnect