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Coinbase ordered to give the IRS data on users trading more than $20,000

TRYNEIN

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Coinbase ordered to give the IRS data on users trading more than $20,000



On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015. After noticing that the number of tax returns claiming gains from virtual currency didn’t line up with the emerging popularity of digital currencies like bitcoin as an investment vehicle, the IRS asked Coinbase to hand over a broad swath of information on its users. Coinbase pushed back, and now the court has landed on a compromise that the company is calling a “partial victory.”

“Coinbase itself admits that the Narrowed Summons requests information regarding 8.9 million Coinbase transactions and 14,355 Coinbase account holders. That only 800 to 900 taxpayers reported gains related to bitcoin in each of the relevant years and that more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year suggests that many Coinbase users may not be reporting their bitcoin gains,” the court documents read.

(Excerpt) Read more at
https://techcrunch.com/2017/11/29/coinbase-internal-revenue-service-taxation/amp/
 

<SLV>

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Joe King

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Either the government will ban BTC or it will control it. In the meantime they will find a way to tax it. Nothing escapes the greedy hands of government!
It's about people who were liable for taxes who didn't report their capital gains. The same would apply to people who hold gold and then sell when it hits $10k. The gov will want a percentage of the gain on the barbaric relic. Ie: protection money
 

the_shootist

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It's about people who were liable for taxes who didn't report their capital gains. The same would apply to people who hold gold and then sell when it hits $10k. The gov will want a percentage of the gain on the barbaric relic. Ie: protection money
You're making my case. The government is in our pockets every moment of every day and they know everything!
 

#48Fan

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I would say that paying taxes on cryptos is a choice. BTC may not be 100% anonymous, but there are other cryptos that are. I guess the govt could arrest you and beat your private keys out of you, but I just look to illegal residents as an answer to that (not going to happen for many reasons). Other than that, taxes will be collected on the honor system, it's all they've got.
 

the_shootist

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I would say that paying taxes on cryptos is a choice. BTC may not be 100% anonymous, but there are other cryptos that are. I guess the govt could arrest you and beat your private keys out of you, but I just look to illegal residents as an answer to that (not going to happen for many reasons). Other than that, taxes will be collected on the honor system, it's all they've got.
Taxation is theft. There's not much honor in it!