10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS

[ETJ]

https://news.bitcoin.com/10000-amer...campaign=email-July+27,+2019+Daily+Newsletter

 

[Overnight]

Whoops. Although it begs the question...If Crypto is anonymous, how is the IRS finding them?

 

[lovethetrade]

Whoops. Although it begs the question...If Crypto is anonymous, how is the IRS finding them?

Bitcoin is not entirely anonymous, its pseudonymous because each user has a public address that can be traced back to an IP address or an exchange account.

The governments want you to use it for money laundering or tax evasion because it's easier to trace than cash.

 

[Overnight]

...its pseudonymous because each user has a public address that can be traced back to an IP address or an exchange account.

So it is not anonymous at all, flat out.

 

[comagnum]

The IRS has been tracking Bitcon transactions since 2015. Those that made a fortune only to give it back during the bear could end up owing the IRS a small fortune.

https://www.coindesk.com/irs-using-bitcoin-tracking-software-since-2015

 

[lovethetrade]

So it is not anonymous at all, flat out.

It's anonymous until someone has access to your IP and exchange account. The advantages of anonymity are being promoted correctly in terms of the ledger.

 

[Pekelo]

Whoops. Although it begs the question...If Crypto is anonymous, how is the IRS finding them?

Via banks. When they sent or received money (cash) from their broker that happened via a bank.

 

[destriero]

I received my letter today.

 

[Overnight]

I received my letter today.

View attachment 206376

Damn. What a cluster.

 

[Overnight]

I received my letter today.

View attachment 206376

Hmm, and then there is one other bit to figure. I cannot see how they can consider virtual currency as tangible. So it would be considered intangible property, and something to do with amortization?

https://en.wikipedia.org/wiki/Intangible_property