802 people reported Bitcoin transactions to the IRS

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V4Vendetta

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"The IRS searched the MTRDB for Form 8949 data for tax years 2013 through 2015. I received the results of those searches. Those results reflect that in 2013, 807 individuals reported a transaction on Form 8949 using a property description likely related to bitcoin; in 2014, 893 individuals reported a transaction on Form 8949 using a property description likely related to bitcoin; and in 2015, 802 individuals reported a transaction on Form 8949 using a property description likely related to bitcoin.

It’s impossible to know what percentage of Coinbase customers these numbers represent, but it’s likely only a small fraction. Even though some Coinbase accounts belong to non-U.S. citizens, and many others did not have any transactions (and therefore did not trigger any capital gains), it’s possible an IRS review of the accounts could identify hundreds of thousands of individuals who should have declared bitcoin income.

In a Friday blog post, Coinbase said it has yet to turn over any information, and that it would push back against the scope of the summons.

“Coinbase remains concerned with the indiscriminate and over broad scope of the government’s summons and we have produced no records under the summons,” wrote Coinbase lawyer, Juan Suarez.

The company has previously described the IRS probe as unreasonable, noting the agency would not approach other financial institutions like JP Morgan or PayPal and demand every single of their customer records."

It's clear that people are turning to crypto in droves for the anonymity and so they can interface in commerce without a middle man taking a cut for doing nothing. How long before they either shut it all down or start regulating the market to death?

http://fortune.com/2017/03/19/irs-bitcoin-lawsuit/
 
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