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RE: Crypto News: Trading Cryptos is Fun But Not When the Taxman Comes Calling!
There was actually a lot of low key chatter about arise being a questionable investment before this all came to light. I'll have to come back and edit in a few links. It's surprising to me to see Stan's post seemingly in denial about it.
For myself I'm safe from the tax man for this year... Although next year I'll likely have to seriously consider filing. Though I haven't earned anything taxable in a long time... I'm probably fairly below the radar. I'll be grateful to some day earn enough to have to pay taxes :)
The IRS will have a field day with crypto exchange reporting. They have already been communicating to multiple exchanges about account disclosures and have probably short listed accounts with high values and lots of transactions.
With all the tax cuts, the government will be looking to "fundraise" by collecting taxes in other areas, cryptos being a very appealling place.
That being said, I dont think the IRS has the resources or the understanding to effectively enforce tax laws on crypto trading this year... but they will, eventually...
Well, the IRS def knows anyone who's moved over 20k through their coinbase account in any year since 2013.
I don't think it would be too difficult for them to expect anyone on that list to claim taxable income or at least list some crypto assets for 2017... They are likely more interested in the folk making big money. There has to be a cost/benefit analysis. "How much do they likely owe us / how much will it cost to audit"
Probably best to have multiple outs to fiat. But bitpay is tied to my social, as well. Will have to get extra creative in coming years if yer bent on dodging the tax man. Better bet is to earn enough to be able to afford a good tax advisor.
https://www.theverge.com/platform/amp/2017/11/29/16717416/us-coinbase-irs-records