I’m likely one of the Coinbase 14,000 that the IRS now has targeted. I will report EVERYTHING that occurs to this community.

I got into BTC in a big way this year (over $ 20K purchased on Coinbase). To my unfortunate surprise, that technically puts me on the list that Coinbase was ordered to handover to the IRS. I do not blame Coinbase and am satisfied that they fought against the action.

However, since I believe that this is highly overstepping taxpayers rights as well as conflicts of parity: i.e. does the IRS get notified if I invest 20k in mutual funds? I intend to document any and all interactions I have with any government body here for this community to review.

I want all of us to be vocal, transparent, and prepared to protect our assets under due process.

I have dutifully paid U.S. taxes since day one of my working life. I have not profited one cent as of yet with any cryptocurrency, since I have not sold one Satoshi of my holdings. I plan to arm myself with the most practical legal advice available to me and, if it comes to it, support from bitcoin-friendly financial advisors that know their stuff.

Thanks for listening. HODL on.

EDIT: Looks like I got the tax year(s) wrong; thanks for setting me straight. Keeping this post up as my sentiment about this action remains unchanged.

submitted by /u/DankLard
[link] [comments]
Bitcoin – The Currency of the Internet