create account

RE: IRS Sending Letters to "Educate" U.S. Crypto Investors by builderofcastles

View this thread on: hive.blogpeakd.comecency.com

Viewing a response to: @scaredycatguide/irssendingletterstoeducateuscryptoinvestors-t9v67huhyr

· @builderofcastles ·
$0.10
The infernal Revolting Syndicate is built on two principals.  Extortion and Terror.

If this group really meant that people should file their taxes appropriately, then they would have defined cryptocurrencies by now.  Is it a money or is it a commodity?  They want it to be both and neither as it suits them.

i hope that soon we will come to the conclusion that they are an illegal and unconstitutional institution and stop sending money to them.

Because truly, this group takes all that money and throws it into a furnace.
👍  , , , ,
properties (23)
authorbuilderofcastles
permlinkpvb680
categorycryptocurrency
json_metadata{"tags":["cryptocurrency"],"app":"steemit/0.1"}
created2019-07-27 16:09:39
last_update2019-07-27 16:09:39
depth1
children1
last_payout2019-08-03 16:09:39
cashout_time1969-12-31 23:59:59
total_payout_value0.076 HBD
curator_payout_value0.025 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length525
author_reputation274,814,634,612,310
root_title"IRS Sending Letters to "Educate" U.S. Crypto Investors"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id88,815,629
net_rshares290,173,940,067
author_curate_reward""
vote details (5)
@beunconstrained ·
Yes, but there is one thing that the IRS have not yet done (and judging from the hard on that Mnuchin has for killing off crypto, this is only a matter of time)...

US taxpayers are expected to file an FBAR report with the FINCEN department (overseen by the IRS) if you have assets in excess of $10K overseas at any time.  That could be bank accounts, insurance, superannuation, real estate, etc.  There are further regulations if that exceeds $50K, but for now just consider the FBAR.

There is no reason why they wouldn't classify crypto as an asset, and since it is not domiciled in the USA (the Internet is not the USA), then it may be that anyone that holds crypto may be required to report with their tax returns the total value of crypto asset holdings if it exceeds the $10K threshold at any time in one year.  To my knowledge, this has not yet been enforced but it seems to be a natural path forward for the IRS to require all assets outside of the USA to be disclosed.  Failure to do so has HUGE penalties (like $10K per year, with no real statue of limitations exclusions).  So that is year on year on year, going back until they see you originated the transaction.

Keep an eye out for this one, because it could catch a lot of crypto holders off guard.
👍  
properties (23)
authorbeunconstrained
permlinkpvdtja
categorycryptocurrency
json_metadata{"tags":["cryptocurrency"],"app":"steemit/0.1"}
created2019-07-29 02:28:21
last_update2019-07-29 02:28:21
depth2
children0
last_payout2019-08-05 02:28:21
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length1,265
author_reputation1,139,054,012,370
root_title"IRS Sending Letters to "Educate" U.S. Crypto Investors"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id88,873,136
net_rshares8,824,845,120
author_curate_reward""
vote details (1)