Coinbase Ordered to Turn Over Identities of 14,355 Cryptocurrency Traders to the IRS

U-238 said:
My question is, does that even count as profit since all it is, in reality, is a currency exchange? If I took $100 and exchanged for $200 worth of Canadian dollars at a 2:1 exchange rate, then later find out that the Canadian dollar got much stronger and I took that $200 Canadian and exchanged it for $300 USD it would look like I made $200 but, in reality, I didn't really make anything, the US dollar just fell in value. That's essentially what's happening with Bitcoin now so why should it be treated any differently?
Click to expand...

Currency exchange is taxed, when a profit is made. You ended up with more dollars, than you started with. The value of the dollar doesn't matter, just that you have more of it. With currency exchange, if the gain is less than $200, you don't have to report. If it is, you have to report. I believe it's $200.
 
The rothschilds don't like you not paying them. Be good goys and run along now!
If more people knew what tax was and where it actually went, there would be riots.
 
Up next Apple to pay a fair share of taxes... Oh yeah screw individuals, kiss companies feet.
 
DPI said:
So much for the salty naysayers that always insist Bitcoin is "fake internet monopoly money" that "isn't even real".

Apparently it's real enough for the IRS.
Click to expand...
People are making money off it, that's what the IRS is after. If you make money from selling scraps of old newspaper coated in glue (aka paper mache, hey that rhymes!) then the IRS is interested in you as well, not because scraps of news paper "aren't even real"
 
There are rules for financial institutions when there are various types of transactions. Many of these rules are there to catch evilness (terrorism, crime, etc.). I'm guessing there are no rules for cybercurrency and that those routes are now being used for terrorism, money laundering and for transactions people dare not whisper in their sleep.

Just something to consider...
 
katanaD said:
why is there any exemption at all? any transaction i do using dollars that is taxable, generally sales tax, i am liable for, not anything over $600. thats an odd exemption
Click to expand...

BSmith said:
Nah, think about it. Must be a lot of legislators who had just under $600 in transactions. :)
Click to expand...

$600 is an interesting number, you don't have to report gambling winnings $600 or less either last time I checked.
 
You must log in or register to reply here.
Back
Top