The IRS currently considers cryptocurrency to be property. But that doesnt mean one should avoid reporting gains. The agency has always been more lenient on taxpayers and investors who jump the gun in this regard. Coming forward sooner rather than later can help prevent stricter penalties or fines because of non-reporting.
https://usethebitcoin.com/understanding-bitcoin-and-taxes/
Do we really need to reveal how many bitcoins we have? What are your thoughts on this? Bitcoin as a decentralized system should be tax free. Does this defeat the purpose of the invention? To avoid the centralized system as well as those huge taxes?
https://usethebitcoin.com/understanding-bitcoin-and-taxes/
Do we really need to reveal how many bitcoins we have? What are your thoughts on this? Bitcoin as a decentralized system should be tax free. Does this defeat the purpose of the invention? To avoid the centralized system as well as those huge taxes?
Well, that's the rule. in the US, The IRS has made it mandatory to report bitcoin transactions of all kinds, no matter how small in value. So, every US taxpayer is required to keep records of all purchases, sales, investments in, or use bitcoin to pay for goods or services (which are considered IRS barter). There is no other choice, besides complying with the regulation.