Ugh. I hadn't even considered the capital gains implications.
Bah. I'm going to poor myself a glass of wine.
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Ugh. I hadn't even considered the capital gains implications.
Bah. I'm going to poor myself a glass of wine.
The day that cryptos or exchanges are forced to produce statements to all of their clients, is the day they all go out of business. The billions of transactions that have already occurred will take a lifetime to report on. Egad.
@wakeupsheeps there is a case to be made they should have been providing information reports. Consider that the IRS already provided guidance that digital currencies would be taxed as property, so technically crypto to crypto exchanges such as Poloniex are facilitating barter transactions.
At a minimum they would have been required to provide Form 1099-Bs. TIGTA raked the IRS over the coals for lack of enforcement last September towards cryptocurrency tax evasion issues. The result was one month later, Coinbase got hit with a historic and sweeping "John Doe" summons, which they limited the scope of in an agreement with Coinbase. My guess would be Kraken and Poloniex are next on the enforcement radar.
I appreciate the info, saves me an investigation. It seemed rather odd that government hadn't already stepped into the crypto space. Many untaxed transactions have come and gone.
If I remember correctly, there were about <1,000 people who declared capital gains taxes taken out of coinbase last year. Policy changes afoot.
When the implication of this hit me, I went straight for the whisky. Now is not the time for training wheels.