The IRS Wants User Data From Coinbase

They want to see if your held value of BTC appreciated and was then sold for USD. So if you've had 1 BTC you purchased for $10 years ago thats worth $7000 today, they want to tax the gain from that if you withdrew.


That's just it. Even if you did cash it out, and you were audited. They would ask "where did this money come from?"
 
They want to see if your held value of BTC appreciated and was then sold for USD. So if you've had 1 BTC you purchased for $10 years ago thats worth $7000 today, they want to tax the gain from that if you withdrew.

Exactly, Capital gains tax.

If you mine gold in your backyard and put it in a shoe box under your bed do you have to pay taxes on it? This is bullshit, and the implications are darker than just paying taxes. This opens up potential laws that could monitor all stored cryptocurrency.

Some issues here:

1) You're under the impression you actually "own" your backyard, odds are you do not, you purchased "real estate". Unless you have an Allodial Title on it, you do not. https://definitions.uslegal.com/a/allodial-title/ The last state you could have even got such a title of ownership tmk was Texas and I do not believe you can get one anywhere in the US anymore.
2) If you're mining gold, that is work and income, there is "income tax" in the US. Same goes for mining bitcoin, the IRS will see that as labor and income. Yes imo, income tax is bullshit and you can point the finger at the self admitted patsy president Woodrow Wilson for letting it happen, and then point the finger at the banksters for starting it.
3) While not the "mined" gold you speak of, if you find a gold stash from someone/somewhere in history on your real estate, you have to report it and it may or may not be yours to claim after research on its origins are known. If you do get to claim it, guess what, you'll be paying taxes on it, fortunately, you'll have it to pay those taxes. So like wining a car on Price is Right, you'll will come out ahead, but not a car value ahead.


Now for those that complain about the taxes, and you bet I'm one of them (BlueIceMan and all his corps pay all the legal taxes they're supposed to comes to mind), this is all "legal". It was forced upon you, sometimes by your own votes, but mostly by those in power taking advantage of their power by being bought by those in real power, which comes from having a buttload of money.

I don't know much about taxes, but I know when I get screwed, it's a disturbance in my sphincter ;)

That's just it. Even if you did cash it out, and you were audited. They would ask "where did this money come from?"

If that is the case, you might have to pay income tax on the $10 (assuming you mined it) and capital gains tax on the $6990, and that's a son of a bitch. But once the central bank finally did get their hands on this country (3rd time is a charm, thanks Woodrow), fairness was all downhill with money.
 
Yeah this will be very hard to prove since cryto is just that vaporware. I think it's being artificially inflated to keep people out of it by the Global Elite thus making mining harder.
 
They do these things because people today lack the courage of those in 1773.
 
I know a guy who wrote off all his mining equipment(business expense), but he was big time and was filing taxes on his mining income like he was a small business. It would make sense for people to be able to write off losses like any other investment.
 
If you mine gold in your backyard and put it in a shoe box under your bed do you have to pay taxes on it? This is bullshit, and the implications are darker than just paying taxes. This opens up potential laws that could monitor all stored cryptocurrency.
No, you pay taxes when you sell the gold.
 
Can’t coinbase just buy an island in the South Pacific, make a new country, and move out of US Jurisdiction. ;)
 
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