Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?
Well, first of all, cryptocurrencies still and will operate in a gray area where its difficult to know how to apply the law.
Even in the case with Coinbase, when the court ordered it to provide taxpayer data and transaction records for certain customers, they did not collect the whole information and they cant get access to all the data. Yet. But they will. It is the matter of time and law. US is being a pioneer, by treating virtual currency as a US federal tax property. A huge amount of money until now has been passing by the State pockets.