
IRS begins tax clampdown on unreported cryptocurrency profits - stiray
https://www.zdnet.com/article/irs-begins-tax-hunt-for-unreported-cryptocurrency-profits/
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sarcasmatwork
Or are they just sending letters in hopes that people will pay.. imho, I've
already been taxed creating the crpto. So I get taxed again? How they hell
does irs know at what price I sold or bought? They dont. They can pack sand!

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derivagral
Considering at least Coinbase is US-based, you may want/need to look into
compliance with the guidance[1]. The tl;dr is that you're supposed to mark to
market for each trade and denominate it in USD; if you're in the US and
haven't been keeping records, I'd strongly consider retaining a tax
professional for advice/service if you get one of these. I assume that the IRS
isn't going to take your lack of records very seriously or kindly.

[1][https://www.irs.gov/businesses/small-businesses-self-
employe...](https://www.irs.gov/businesses/small-businesses-self-
employed/virtual-currencies)

