7 years ago
7
Court Rules IRS Can Seek Information on Bitcoin Customers
A federal court on Wednesday ruled that the Internal Revenue Service can serve digital-currency-services company Coinbase with a “John Doe summons” that seeks detailed information on its customers’ transactions from 2013 to 2015.
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Yet a Miami judge ruled 3 months ago that bit coin wasn't money.
Was the Miami case state or federal? If it was federal this sets up a supreme court challenge, if it was state level then the federal court ruling overrules the state.
"The July 22 ruling by Miami-Dade Circuit Judge Teresa Pooler means that no specific license is needed to buy and sell bitcoins."
Good point...it was a state call.
The IRS will concern itself with anything connected to a finacial gain, not just "money" per se.
If one is enriched in any form to which a monetary value can be assigned then he/she may be liable for tax.
If you "win" a prize/car, for example, you do not owe taxes on the prize/car itself, rather on its dollar value on the market, same as any/all personal gain, bit coins included.
You may not have noticed, but government changes the rules to benefit government and screw the little guy. With our new Con in Chief it's only going to get worse. Much, much worse. Congratulations to the morons who voted for the big orange buffoon.
If only they were so thorough with corporations and billionaires, they would be able to collect so much more, but naa, lets waste precious resources in technologically advanced investigations to rub together pennies on the dollar instead.
They don't like the competition....and the banks and governments are working closely to ensure total control.