IRS / US Taxman Says Cryptocurrency Income IS Taxable

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.

Areeb Soo Yasir

Business and technology have always gone hand in hand for me, and now I've built nearly 20 years of expertise. A few notable achievements: -> Tier III-Designed & deployed multiple mission critical datacenter environments in Canada, US, Hong Kong, Singapore & China. -> Software Engineering: Created a Linux OS from scratch, including a custom kernel to maintain millions of dollars in client infrastructure, deploy and report as needed. Created the “Windows Geeks” and “Password Pros” Windows Password Reset software recommended by Microsoft. -> Business Negotiations: Conducted intensive negotiations with branches of the Peoples Republic of China and the various state-run Telecom operations including China Telecom and China Unicom for access to their trillion dollar backbone infrastructure. We were the first western company to have such network access where other IT companies such as Vodafone and Google failed. -> Cloud Infrastructure Creation: Created the first proprietary “Clustered Cloud Architecture” that rivals competing Google, IBM, Microsoft & Alibaba alternatives. I'd love to chat #IT or #Linux or even #Business, so don't hesitate to connect. Cheers!

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *