Will the IRS succeed in monitoring and eventually taxing Bitcoin?

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evo

Site Admin
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Apr 2017
Yes, the IRS has already succeeded in taxing Bitcoin. It's to be treated as capital gains, as with any other asset. I prefer Australia's approach of officially not taxing digital currencies.

I'm happy to read that "Republicans in Congress sent a sharply-worded letter that suggests the tax agency is overstepping its powers." Letter attached as a PDF to this post.

The IRS should lose this battle with Coinbase, and rightfully so. It's fine if the IRS need to subpoena a specific person's tax records because they have probable cause, but asking for big data dumps oversteps their boundaries.
 
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