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The Dubious Anonymity Of Crypto Currency Transactions



The Department of Justice issued a news release to strike terror in the hearts of anyone attempting to execute cryptocurrency tax shenanigans. The federal court for the Northern District of California entered an order authorizing a John Does summons on Payward Venture Inc and Subsidiaries d/b/a Kraken. The IRS wants to look at the records of US taxpayers who conducted at least the equivalent of $20,000 in transactions in cryptocurrency during the years 2016 to 2020.

Cryptocurrency Not Sprinkled With Tax Fairy Dust
One of the fallacies that is floating around about cryptocurrencies is that they are a legitimate tool for avoiding taxation. On a recent episode of the podcast Game of Roses, the host who goes by Bachelor Clues got into that a bit noting that if you bought a Tesla TSLA -6.4% with bitcoin there would be no tax, since no dollars were exchanged.

He went on a bit from there and I thought it was worth writing a piece about that. Bachelor Clues is a thoughtful classy guy so that prompted an invitation to do a podcast with him. By sacrificing over an hour of lifespan that you will never get back you can find out from that podcast much more about me than you probably want to know and a bit about virtual currency taxation, but there is a more efficient way to get the latter.

Straight From The IRS
You can get the key information on the topic in IRS Notice 2014-21. Here are some of the key points

For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in U.S. dollars, as of the date that the virtual currency was received.

The second point is the most critical. You don't avoid recognizing income by getting paid in virtual currency. Bitopia is not a tax haven.

The idea that virtual currency is "property" makes trying to use it as a medium of exchange a little challenging. Every time you spend a bitcoin or dogecoin or whatever you may recognize gain or loss on the difference between what you paid for the coin and the fair market value in dollars of what you receive. Thanks to the nature of the blockchain, which preserves every transaction forever there are services that will put it all together for you.

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[Verolla]

A great article about cryptocurrency. I have been interested in this for a long time and realized that many large companies have started successful cooperation with bitcoins. For example, goldman-sachs-offer-bitcoin and this once again proves the popularity of cryptocurrency. It seems to me that bitcoin is the most reliable cryptocurrency in the world, despite all the skeptical opinions and arguments.