Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: Coinbase Sends American Clients IRS Tax Form 1099-K
by
llama_rider
on 03/02/2018, 19:33:40 UTC
⭐ Merited by Don Pedro Dinero (1)
the only way that you can be forced into taxes is by some kind of “voluntary compliance” agreement that you voluntarily sign with the IRS when you fill out one of their forms.
This is absolute nonsense.  See the 16th Amendment and 26 U.S. Code § 1.  If you're a US citizen who has realized capital gains on cryptocurrency, you are required to report your gains as income and pay taxes on them.  Exchanges which accept deposits from and withdrawals to US bank accounts can be expected to comply with IRS demands for information on their customers.  If you evade paying taxes on substantial cryptocurrency gains, there is a good chance that the IRS will find out eventually and you will be subject to civil and/or criminal penalties.