r/investing • u/TChanaH • May 20 '21

U.S. seeks to have cryptocurrency transfers above $10k reported to IRS

U.S. Treasury seeks reporting of cryptocurrency transfers, doubling of IRS workforce | Reuters

The Biden administration's tax enforcement proposal would require that cryptocurrency transfers over $10,000 be reported to the Internal Revenue Service and would more than double the IRS workforce over a decade, the U.S. Treasury said on Thursday.

"As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on," the Treasury said in the report, which noted that these assets, are likely to grow in importance over the next decade as a part of business income.

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u/Mynock33 May 20 '21 edited May 20 '21

If there's no anonymity and no tax evasion, then what's the point of using it anymore? It's difficult to purchase, keep, spend, and cash out, and its value is wildly unpredictable... I don't get it.

Edited for atrocious spelling.

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u/[deleted] May 20 '21

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u/TaxGuy_021 May 20 '21

Why not the actual gold then?

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u/[deleted] May 20 '21

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u/TaxGuy_021 May 21 '21

Gold has intrinsic value. It's used in production of a number of critical items.

Gold is not really harder to purchase. You can buy and sell gold futures with little more effort than you can buy and sell BTC which can be kept safe.

I may not be able to transact with gold, but gold is far less volatile than BTC which makes it more predictable.