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AKA, the IRS re wrote the rules on what a currency is to be able to tax crypto. These traitors need to hang

AKA, the IRS re wrote the rules on what a currency is to be able to tax crypto. These traitors need to hang

(post is archived)

[–] [deleted] • 2 pts

"Oh no, I lost my private key"

[–] • 1 pt

Actually i got audited and used a similar excuse. The IRS went on to fine me 40,000$ for being a smug asshole about it

[–] [deleted] • 0 pt

Unfortunate. Did you fight it?

[–] • 1 pt

The IRS makes it almost impossible to fight it. You can appeal, but if you lose they tack on interest and late fees. If they lose, you get some money back BUT you have to then take that money they give you and add it as taxable income as interest proceeds. Both ways, you will lose the fight

[–] • 0 pt

isn't it currently property, currency, and a security according to different branches of the US government?

[–] • 1 pt

According to FINRA, its a security. According to the IRS it's property. And according to its daily usage, it's a currency.

[–] • 0 pt

Your social credit score is shit, so no internet for you.

Crypto should have been great but it's all centralized from the mining farms and fluffed up with overhead.

It also takes the electrical energy of a small country to keep it afloat and it's not even useable to buy food because it's so volatile.

That's also a fucking disaster because the fed can print mass money, jack the price to the moon, tax the shit out of you, and then bail on it.

[–] • 0 pt

Fair enough, then by their own rules, is that "property" located in the US? If they can't prove where a bitcoin is, they can't tax it.

Good luck fighting them and making them abide by their own rules though.