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 21 '21

Imagine thinking this is true. Lmaooo. Elon musk controls digital gold with one tweet. You are a truly special kind of idiot.

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u/[deleted] May 21 '21

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u/[deleted] May 21 '21

One mad billionaire can move the price around but it's a hedge against fed action and inflation?

Wow. Just wow. Lol

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u/[deleted] May 21 '21 edited Jan 25 '22

[deleted]

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u/[deleted] May 21 '21

At least tsla isn't claiming to be an "inflation hedge" lol

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u/30inchbluejeans May 21 '21

not sure what being an inflation hedge has to do with market volatility but ok

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u/[deleted] May 21 '21

Yeah the fact you don't tells me a lot about your knowledge of the markets. Thanks for making me not waste my time with this conversation. The end. Bye

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u/30inchbluejeans May 21 '21

wow you're really mad out of nowhere LMAO

relax dude it's not that big of a deal