IRS says cryptocurrency transfers over $10K will need to be reported
(www.foxbusiness.com)
Comments (7)
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Fuck u irs
Didn't they have to pay $12,000 to have Seth Rich murdered? This will affect how the DNC does business.
"The IRS disclosed Thursday "businesses that receive crypto assets with fair market value of more than $10,000" will need to be reported."
Thankfully I'm not a business and a private individual who owns my own keys.
I take it as they are more concerned with businesses who are not reporting gains, much like if you make more than $700 or whatever the arbitrary number is to report your own gains from a hobby say Landscaping or a side business.
Obviously most people don't report everything in cash, however with crypto it's traceable so you better report.
Uncle Sam just wants their fare share of income to businesses as people are fleeing fiat.
I think there's a way to get around the 10K limit with gold silver.
I think most places I have bought from want ID. Maybe swap meets and in person swaps don't get tracked but coin and pawn shops do
Panic at the IRS. Their fiat facade is crumbling ?