Coinbase ordered to give the IRS data on users

[Anonymous No.4677503]

On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015. After noticing that the number of tax returns claiming gains from virtual currency didn’t line up with the emerging popularity of digital currencies like bitcoin as an investment vehicle, the IRS asked Coinbase to hand over a broad swath of information on its users. Coinbase pushed back, and now the court has landed on a compromise that the company is calling a “partial victory.”

“Coinbase itself admits that the Narrowed Summons requests information regarding 8.9 million Coinbase transactions and 14,355 Coinbase account holders. That only 800 to 900 taxpayers reported gains related to bitcoin in each of the relevant years and that more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year suggests that many Coinbase users may not be reporting their bitcoin gains,” the court documents read.

[Anonymous No.4677516]

Monero

[Anonymous No.4677518]

>Coinbase ordered to report 14,355 users to the IRS
A California federal court has ordered Coinbase to turn over identifying records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year between 2013 and 2015. Coinbase estimates that 14,355 users meet the government’s requirements.

The order is significantly narrower than the IRS’s initial request, which asked for records on every single Coinbase user over the same period. That request would also have required all communications between Coinbase and the user, a measure the judge ultimately found unnecessarily comprehensive.

[Anonymous No.4677520]

dexes will kill governance

[Anonymous No.4677521]

>>4677503
>don't cash out
>government spy on you and plan your jail sentence

wew

[Anonymous No.4677530]

The government made no claim of suspicion against individual users, but instead argued that the order was justified based on the discrepancy between Coinbase users and US citizens reporting Bitcoin gains to the IRS. Coinbase boasts nearly 6 million customers, but according to a government filing, fewer than 1,000 US citizens have reported cryptocurrency holdings on their taxes.

[Anonymous No.4677538]

muh privacy

[Anonymous No.4677544]

>>4677530
Why would you report crypto currency holdings in your taxes?

[Anonymous No.4677545]

Rejecting some of those requests, today the court narrowed the scope of documents that the IRS can request from Coinbase to taxpayer ID number, name, date of birth, address, transaction logs and account statements, deeming the rest of the documents “not necessary.” Again, these personal data requests will only apply to accounts that have bought, sold, sent or received more than $20,000 in any of those types of transactions between 2013 and 2015.

[Anonymous No.4677556]

>>4677521
pay your fucking taxes.
like seriously.
you can do anything in America, anything in this country, the most vile, horrific shit, but if you do not render unto Caesar his fucking cut your life will be over faster than you can fucking believe.

[Anonymous No.4677562]

>>4677530
The investigation began after the IRS searched its electronic filings and discovered that only 802 people had declared bitcoin-related losses or gains in 2015.

During the three years covered by the IRS demand, the price of bitcoin soared from $13 to over $1,100. The currency this week broke the $11,000 for the first time.

[Anonymous No.4677563]

LET THEM REGULATE THIS SHIT COIN YOU IDIOTS!

We got so many others now.
Much better.

Let the normies get stuck in BTC, while we bask in the glory of unregulated cryptos.

[Anonymous No.4677566]

>>4677530
Get the Fuck away from my fairy money you dirty kikes

[Anonymous No.4677567]

The rush for the exit begins.

[Anonymous No.4677595]

>>4677556
Unless you are super rich - you can just avoid taxes with various schemes then.

[Anonymous No.4677601]

>>4677556
you don't need to pay taxes if you don't cash out you fucking brainlet

[Anonymous No.4677605]

>>4677595
well yeah, when you become turbo rich you got a guy who knows every loophole and owns his own private swiss bank and you yourself own an island where all your money is kept and all that's there is another bank

[Anonymous No.4677608]

>>4677520
OMG

[Anonymous No.4677632]

>>4677601
Crypto-to-crypto is a taxable event

[Anonymous No.4677674]

>>4677632
no it's not, check the statistics

[Anonymous No.4677691]

>>4677503
>y-y-you can cash out from crypto

Top kek. Cryptocucks on suicide watch

[Anonymous No.4677699]

>>4677674
The IRS wants you to declare your coins so they can estimate how many taxes you need to pay.

[Anonymous No.4677758]

some anons up for huge debts in back taxes and/or litigation very soon

[Anonymous No.4677791]

>>4677674
It is jackass

[Anonymous No.4677794]

>>4677674
Yes it is, hope you have lube mate

[Anonymous No.4677839]

>>4677503
You have to report currency appreciation on your taxes? Does that mean I can deduct currency depreciation? All my cash loses 2% to inflation every year.

[Anonymous No.4677891]

They have to come up with a way to make it easy for all these finance noobs to report their gains. There's so many people with significant gains out there who won't pay their taxes simply because they have no idea what they're doing and they don't think the IRS will pay them a visit.

Someone should start an ICO for this. IRScoin

[Anonymous No.4677921]

>mfw not living in a shithole that cucks you on a daily basis

[Anonymous No.4677953]

>>4677839
Bitcoin isn’t currency at-tard. It’s a commodity. Think pork bellies or a fleet of trucks.

[Anonymous No.4678003]

Repeat after me: "My account was hacked and my coins were stolen"

What is there to report?

Now tumble the coins and send them to another wallet.

[Anonymous No.4678005]

>Only 800 people reported holdings

AHHAHAHAHA

[Anonymous No.4678213]

>>4678003
capital loss

[Anonymous No.4678228]

>>4677503
>who had more than $20,000 in annual transactions on its platform between 2013 and 2015
this is ofc burger related

>you got jewed

again

[Anonymous No.4678264]

>>4677674
enjoy your audit

[Anonymous No.4678272]

>>4677503

>using Normiebase

This is the future you chose.

[Anonymous No.4678279]

>>4678003
this lmao, americucks I swear
even the tax lovers in fucking Denmark don't pay taxes on crypto

[Anonymous No.4678300]

>>4677530
>muh 6 million

It vey these anti Semitic bastoids

[Anonymous No.4678315]

>>4678300
It
*oy

[Anonymous No.4678341]

The 2016 and 2017 numbers are going to be epic. Made mad ETH gains this year anon? Decided to move into ALTs like a big dick trader? You just gave 40% to Uncle Sam and he will have his due.

[Anonymous No.4678380]

>>4678341
please explain. is it that if you make enough gains, you have to pay 40% cause that's the highest bracket?

I thought highest cap gains tax was 20%

[Anonymous No.4678446]

>>4678341
>Sorry mr. taxman, I bought Monero and accidentally send it to a wrong address. Such a shame, I really wanted to pay 40% of net worth in taxes.

[Anonymous No.4678503]

If you have over $1MM in gains in less than a year, you'll pay over 40% capital gains tax.

That is fucking insane.

https://smartasset.com/investing/capital-gains-tax-calculator#e870Neo9lk

[Anonymous No.4678520]

>>4678503
>>4678380
>>4678341

I made 90k from ETH off a 7k investment
How much WiLl I pay? I live in the states and make 60k a year btw

[Anonymous No.4678596]

>>4678520
>https://smartasset.com/investing/capital-gains-tax-calculator

use this tool to calculate. it even does your local state tax rate which could be major depending on which state you live in.

[Anonymous No.4679290]

bump.

[Anonymous No.4679348]

>>4677544
It's property. It has """value""".
>"I want muh bitcoin to be a viable currency/investment"
>"REEEE government is treating muh bitcoins like a viable currency/investment"
Why are coiners such retards?

[Anonymous No.4679406]

>tfw the IRS realise they cant actually cash out

[Anonymous No.4679990]

b.

[Anonymous No.4680067]

>>4679406
topkek

[Anonymous No.4680141]

if you didnt see this coming you might be actually retarded
coinbase been in talks with the IRS since at least the summer
sign ups require photos of your drivers license since then

just pay your taxes. if you have a personal income you owe some to the state, thats how the system works.

[Anonymous No.4680211]

>>4678596
>https://smartasset.com/investing/capital-gains-tax-calculator
no thanks IRS

[Anonymous No.4680224]

>>4677674
Any gains over $500 in under 6 months from one source is taxable

[Anonymous No.4680349]

So im a retard but why can't the IRS use this for bitcoin transactions and just start raping people

[Anonymous No.4680393]

>>4678341
Thank God I haven't made shit on alt coins bought with bitcoin.

I bought btc and eth with cash and i'll only took out some eth which i'll have to pay on.

The alt coins i bought with BTC all crashed and burned and I lost.

[Anonymous No.4680400]

>>4678341
lmao how new are you

[Anonymous No.4680441]

>>4678446
>Gets shot

[Anonymous No.4680554]

>>4679348
The whole point of bitcoin is to fuck the state. If course we won't report a hard drive with bitcoins as property to the nigger farm government, and they will never know.

[Anonymous No.4680726]

>>4678503
Muh tax the rich

[Anonymous No.4680842]

>>4679348
A bitches fine virgin ass has “value”. What’s your point? Women treated as property and taxes the hotter she is? Fuck off

[Anonymous No.4681065]

The solution is to never cash out my dudes

Except over darknets