The question of regulation of taxes on cryptocurrencies in the United States remains open for several years now. Formally, there are no clear rules that determine the amount of taxes on profits from the crypt. However, wishing to cooperate with the US internal revenue service (IRS) include incentives. Recently, the Agency announced compensation to those users of the cryptocurrency who correctly filled out their tax returns and provided all information about their own operations with digital assets.
Cryptocurrency and taxes
We will remind, in July of this year, IRS officials began sending “letters of happiness” to those who commit commercial transactions with Bitcoin or Althingi. Were not followed by any serious sanctions — letters were “educational” in nature.
As it turned out, following the instructions of the tax authorities of cryptoendoliths was a nice bonus. To everyone who took the letters and honestly reported their cases to the crypt, was rated a full payment. That is, investors are completely freed from any debts to the state.
Co-founder CoinTracker Chandan Lodha noted that the tax in the US does not plan to perform the role of “punitive authority”. The IRS even sent the full payment to one trader, who owed nearly four thousand dollars in taxes. It happened after he provided data on its operations and repaid the debt.
CoinTracker helps its clients to properly prepare tax returns and to respond to the IRS letter. However, it is unknown the exact amount of compensation, has Tax service. Only the IRS sent more than 10 thousand "letters" a few months earlier.
These letters are the result of tougher reporting requirements on transactions with cryptocurrencies. In fact, the Agency had planned to use the newsletter to help investors understand the errors made by them in the delivery of tax statements. The letter also informed that the IRS has information on additional wallets of cryptoendolithsthat they could not be taken into account when reporting on their trades and transactions.
This is interesting: a Student from California went from five thousand dollars to almost a million. Now he's being hunted by the IRS.
Of course, the IRS does not always have accurate information about all the actions of citizens. Even if the trader is simply swapping one cryptocurrency to another and not getting any profit in the process, the Agency may have only information about the transaction and not to know what happened really. But those who have complied with the requests the IRS to clarify the situation, received a reward in the form of a refund in case the Agency made a mistake.
We will remind, in Russia the law on crypto-currencies are not accepted. But the interior Ministry and other law enforcement departments were charged to develop proposals for the seizure and confiscation of the cryptocurrency, and do they have until the end of 2021. According to a member of the expert Council of the state Duma Nikita Kulikov, the cryptanalyst have to apply the usual practice of seizure of property.
Honesty sometimes brings benefit! Even more interesting are looking for in our cryptodata millionaires.
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