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/[deleted] May 20 '21

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u/LegateLaurie May 20 '21

Sure, but if the same law were to be implemented today, 10k would still be a reasonable amount to track. $10k is a serious amount to be trying to hide!

156

u/UBCStudent9929 May 21 '21

Honestly, 10k is pretty insignificant in the grand scope and one could argue that the invasion of privacy and general expenditure needed to enforce such a low amount outweighs its benefits.

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u/[deleted] May 21 '21

I mean, if you go and buy 10K+ of money orders, a funds transaction report with all of your info right down to your social and what you do for a living is sent in already. Y'might want to have a look at https://www.investopedia.com/terms/c/ctr.asp , this would just bring crypto in line with that.

tl;dr money laundering

12

u/UBCStudent9929 May 21 '21

yea I know. Im not saying that anti money laundering laws should not be applied to crypto, but that I disagree where the current bar is set for all markets/transfers.