IRS coming for Bitcoin users

>Coinbase must hand over user accounts at the exchange that bought, sold, sent or received sums of $20,000 and higher

coindesk.com/coinbase-ordered-to-hand-irs-data-on-over-14000-users/

What now?

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IRS won't exist soon.

Move everything in 9,500 dollar amounts

Bam

FBI pls go and stay go

>Move everything in 9,500 dollar amounts

read the details:

$20,000 ACCUMULATED. So that's your entire transaction history totalling 20k or higher.

That's close to 1 single bitcoin over your entire user history. How many people will be buttfucked???

Hehehehhehe he.

It's just account data it's not like they took the accounts and all the funds.

>Implying I didn't already claim 15% Capital Gains on my bitcoin profits

Get fucked IRS, YOU GOT NOTHING ON ME!

You’re looking at thousands of dollars in fines because of failure to report income and potentially jail time. Say goodbye to any gains

>It's just account data

Yeah your name and address.

Hmmmm..........i'm sure they won't check your bank accounts or anything with that info lol

Old news, but this just adds another 20% in "fees" for those trying to game crypto.

And with the hyperinflated value you will have to pay taxes on something that is basically valueless.

>getting illegally put in prison by a Jewish goon mafia instead of fighting for your rights
IRS is a fucking meme and they do not have the right to put you in prison. No law exists that says you have to file a 1040, and the 16th was never fully ratified.

ITs because bit coin is used for dodgy shit like illegal drugs and arms.

It is becoming a currency for degenerate criminals (I already know Crims who are obsessed with bitcoin)

It's not income until you cash out. It's the same way with stocks. You buy stocks now at $1.00, but next year they are worth $50.00. You haven't had any income until you sell them.

>Old news

The article is a couple of weeks ago retard. New developments.

yea.... I don't think fighting the IRS is something you want to do. Just pay your capital gains when you cash out.

>It's not income until you cash out

Try cashing out bitcoin right now. 2 week waiting list because the cash isn't even there.

This could be the biggest shell game in world history.

But why if they didn't cash out? That's not how capital gains works?

Stop being scared of them and fight for your rights. If more people stopped being pussies they would have been abolished ages ago. They can't jail millions of Americans if they know the truth and call them out.

You only are supposed to pay taxes if you cashed out though not if you have Bitcoin sitting in a wallet

This is how it begins, soon a lower threshold, more exchanges, and eventually automated systems for IRS to query the blockchain

The article is talking about accounts with $20k in gains. Assuming it was not reported, yes they’re looking at substantial fines or jail time

And trading coin to coin counts for capital gains.

How? If you didn't cash out you don't owe them a dime

That is called structuring. The same reason why you can't break up deposits in a bank to avoid it being reported.

I'm not going to jail because there will never be a mass protest. I'm not going to end up like Peter Schiff's father.

The article is about people who cashed out

yeah but you also don't have any money, so

ohh. how is that a threat though? The whole point of Bitcoin is that you dont have to rely on the dollar. If you cash out then that's using it like the stock market so of course the government wants its share.

They're not taxing Bitcoin they're taxing dollars

The IRS have their own armed enforcement agents, you cuck.

Please, please, please try to fuck with the IRS and spout your sovereign citizen shit while they have guns drawn on you. Give them a reason.

>You only are supposed to pay taxes if you cashed out though not if you have Bitcoin sitting in a wallet

Once the records are handed over they know what bitcoin you bought/traded dumbass.

You have to cash out something some day right??? They'll be waiting........

Oh noees, they'll take10/20/30% of theese millions of dollars that someone made of thin air.

Why would Tax agents need guns?

Does everyone in the States just walk around toting uzi's everywhere?

>Gee, Martha, time to go into town to pick up our monthly supplies of ammo and freedom, I'd best be taking the 12 gauge auto-loader, the .45 long slide, with laser sighting, the Phased-plasma rifle in the 40 watt range...

You ignorant bitches don't know shit. In various countries like the Netherlands you need to report the TOTAL VALUE of everything you own, including cash and online money. Then you need to hand over 2% to 10% of EVERYTHING YOU OWN over to the taxman. Every single year. Unless you have a mortgage of course, fucking banks.

It's seen as a crime to not do this and here they can "make an estimate" over the last 7 years and tax you on that, with no way to defend against it.

fucking idiot

So show me the law that says people have to file a 1040, faggot.

BitCoin is a currency, how are you not getting this? If you put money overseas, it's "hiding money from the tax man". The currency is fucking irrelevant, the government thinks everyone is their slave and slaves have no property, so denying the government your slave labor is theft.

Isn't there a market for a scheme whereby you sell all your possessions to a company, which they then lease back to you for 999 years, for a small sum of money?

Know what's awesome? Buying Bitcoin and spending it on drugs. IRS be like WTF?

>MAGAcucks getting hypercucked by their orange Cheeto in chief
It's a great day

why are you all worried about paying taxes on this?

the rate at which it is growing is double that of what youd pay in tax for it.
It's a complete non-expense.

this is a good thing.

its just another recognition that btc is a valid form of currency.

tl;dr pay your fucking taxes you niggers. if you niggers try to hide this shit then your no better then the billionaires who hide their shit offshore.

they don't need to. they are gangsters and will come rape you for your possessions and throw you in prison. (unless you have some friends)

Probably, they shut that down too. There's literally millions of rules, all impossible to follow as many contradict each other. If you fuck with the government, you can go to a government courthouse where the government will choose whether you or the government is correct and whether you own the government money. Totally fair.

What I do know is that you can put a firm in Bermuda where there's only land taxes, and that way you can save money you make with your company to expand. You then pay yourself in royalties to pay a much lower tax rate. Now (((EU officials))) are looking to shut it down, oy vey.

Communism, not even once.

Fuck you, we're not your property.

100% samefag

Which is why I called them a Jewish goon mafia.

so what? they can have my info. I have nothing to hide.making gains baby!

want some literal inside information? BTC is being pumped for precisely this reason as the IRS now has legal precedence to access the records of any U.S. citizen whose BTC or other crypto transactions exceed the magic 20K floor. Soon they'll have a wealth of info to tax the ever loving shit out of casuals who stored a BTC or two. Also the .gov knows that crypto is escaping it's grasp, so by controlling a massive pump involving wallstreet friendlies as back scratch agreements go on the old bailouts they will pump it to the sky hook joe and jane normie and than crash it with no survivors. Of course wall street gets richer and finally it allows .gov the public outcry when joe and jane public lose their life savings to regulate not just BTC but the entire crypto market into oblivion.
>ironically one of the things that could have set people free financially is being co-opted to destroy the thing itself, because all those 'it's decentralized wealth of the people bros' are really just as greedy as wall street types and will easily sell out for some greenbacks

So just self-report your bitcoins to them. I don't understand this whole "I'm okay with something, so everyone else should be!". We don't want you to reproduce, that's why it's okay if we vote for some guy to take your testicles. It's okay, you like majority rule.

>implying I use my name, or address, or connected accounts, or phone lines

????

This your first rodeo, son?

>coindesk.com/coinbase-ordered-to-hand-irs-data-on-over-14000-users/
WRONG

20K in US dollars ACCUMULATED - Going in or out. Just don't liquify

THIS.

No, they’re not.

>ACCUMULATED
or you retarded? it doesn't matter if you liquidate or not it's the accumulated amount and they use current pricing to determine not market price at time of buy, sell or transfer

AHAHAHAHA COINFAGS BTFO!!!!!

>WRONG

Are you really fucking dumb or do you just act like it online??

>Just don't cash out guys. What could go wrong?