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    Author Topic: Question about taxes  (Read 130 times)

    • johnny5johnny5 (OP)
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    March 18, 2018, 05:13:12 AM
     #1
    What is likely to happen to those that do not pay their taxes on large crypto-currency gains that were cashed out in 2017? I'm specifically asking about the USA. Will that person likely get caught down the road and have to pay a penalty or will they even be caught?

  • rtyudg
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    March 18, 2018, 05:15:00 AM
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    Quote from: johnny5johnny5 on March 18, 2018, 05:13:12 AM
    What is likely to happen to those that do not pay their taxes on large crypto-currency gains that were cashed out in 2017? I'm specifically asking about the USA. Will that person likely get caught down the road and have to pay a penalty or will they even be caught?

    The IRS considers bitcoin as a property, just like property or stock. If you trade bitcoin, then it's the same as if you were buying or selling stocks. Any related gains or losses are subject to the capital gain tax laws. Recently, the IRS won a lawsuit against Coinbase. Coinbase is one of the largest Bitcoin trading markets. The US Internal Revenue Service requires it to submit data relating to Bitcoin transactions whose users spend more than $20,000 from 2013 to 2015.

  • Ctn
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    March 18, 2018, 05:17:36 AM
     #3
    Quote from: johnny5johnny5 on March 18, 2018, 05:13:12 AM
    What is likely to happen to those that do not pay their taxes on large crypto-currency gains that were cashed out in 2017? I'm specifically asking about the USA. Will that person likely get caught down the road and have to pay a penalty or will they even be caught?

    The taxation will be over 19999 USD cash, so if you are cashing out over that amount then im sure you will have to pay taxes. If you are talking about the gains which are in millions then that is surely noticeable by the tac authorities and their first step would be sending you notice legally. Nobody is going to get caught down by roadside! Lolz. There will be proper paper trail first but if you dont respond then there will be raid on you to get the answers to all their questions. This will include reviewing of your bank accounts, statements, property holding, whether you have the proofs for all of them or not and most important why you did not pay the tax. Thats most likely the scenario that will happen.

  • Xester
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    March 18, 2018, 05:23:21 AM
     #4
    Quote from: johnny5johnny5 on March 18, 2018, 05:13:12 AM
    What is likely to happen to those that do not pay their taxes on large crypto-currency gains that were cashed out in 2017? I'm specifically asking about the USA. Will that person likely get caught down the road and have to pay a penalty or will they even be caught?

    As long that he is not caught then he will have no problem. He can sell his bitcoin to his friends or to huge businessmen that way he will not be noticed by the government. But if you own a huge deal of bitcoin volume then there is no reason to hide it from the government. The moment you are caught hiding a property without paying proper taxes or liabilities there is a huge penalty or worst you may lose your assets. Thus it is logical to declare it and follow the governments protocol to make things easier, safe and smooth.

  • DAVID_BOUNTY
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    March 18, 2018, 05:31:15 AM
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    Too hard for goverment to control crypto market Grin

  • ElaraTechCapital
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    March 18, 2018, 05:34:38 AM
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    If cryptocurrency continues to grow, it is likely that the United States government will subpoena exchanges for information about their customers and find out who has and who has not been paying their fair share of taxes. They've already started trending in this direction and will likely continue to further their efforts in the near and distant future.
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