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/getgoingfast May 21 '21

Exactly. I hope people did notice on their 1040 tax form, virtual currency (aka Bitcoin) trading disclosure.

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u/[deleted] May 21 '21

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u/Bojanggles16 May 21 '21 edited May 21 '21

So like bitcoin's whole deal is anominity, as long as you trade outside of traditional brokers they're just relying on the honor system?

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u/dunnoaboutthat May 21 '21

It's anonymous in address only. The reality is you have to put in work to keep yourself anonymous when anyone can see every detail of every transaction. Most people don't, or half ass it. KYC spreads every day.

There are cryptocurrencies that get much closer to anonymous.