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❕NEWS A new IRS draft will force American citizens to disclose their crypto activity

B

Balint098

Guest
As per Cointelegraph, IRS, the US's tax agency, has released a draft of its income tax form for this year. The new draft will have the citizens of America to disclose whether or not they used crypto in this year. The following question will be included in the 1040 tax form which reads: "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?" This is the latest move from the agency to enfore crypto tax in the US.
 
well if the tax isn't that big for people to pay I guess it's okay as the government is respecting cryptocurrency as another mode of income
 
I mean.. the point of crypto is to use it anonymously? If they ever succeeded and they will start to tax it too, which is bad considering the amount were paying for transaction fees
 
I mean.. the point of crypto is to use it anonymously? If they ever succeeded and they will start to tax it too, which is bad considering the amount were paying for transaction fees
yep, and because of that anonymous feature it has been use in several illegal business and transactions. well you governments and people there are just greedy
 
yep, and because of that anonymous feature it has been use in several illegal business and transactions. well you governments and people there are just greedy
If the American government succeed in this, other countries will surely follow and do the same. If they can earn huge amount of money from something.. surely they will do it
 
Hmm i already know they will introduce crypto tax laws since they feel more people are now using crypto for transaction instead of normal bank transactions , so they need more revenue
 
One thing about these countries is that they look for tax their citizens on virtually everything. It won't be bad if the tax is affordable but I think it should be excluded since exchanges and wallets are taxed too.
 
That's the thing with these governments, it's like any progress they see citizens making, they want a piece, even those countries banning crypto now it's all to make money as they might change their stance to regulations
 

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