Like the old saying goes one thing is certain “taxes and death”. The IRS definitely hasn’t disappointed even cryptocurrency owners by clearly stating cryptocurrency is taxable.
Hopefully the rules will be fair. I feel it should only be taxable like any stock, so when there is a capital gain through resale.
The same rules of the IRS apply for tax evasion if you’re a US citizen and don’t report your crypto earnings. One other interesting thing is how the IRS has got their hands on Coinbase data for some users. This will certainly be used to go after users who’ve made profits.