New Bitcoin tax reporting obligations took effect on new year’s day \ stacker news ~bitcoin

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New Bitcoin tax reporting obligations took effect on new year’s day www.coincenter.org/new-crypto-tax-reporting-obligations-took-effect-on-new-years-day/

5993 sats \ 15 comments \ @Rsync25 2 Jan 2024 bitcoin

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246 sats \ 7 replies \ @kytt 2 Jan 2024

The Infrastructure Investment and Jobs Act, which passed Congress in November of 2021, included a provision amending the Tax Code to require anyone who receives $10,000 or more in cryptocurrency in the course of their trade or business to make a report to the IRS about that transaction.

What is a 'trade or business' according to the IRS?

26 USC 7701(a)(26) The term “trade or business” includes the performance of the functions of a public office.

Meaning: this regulation is meaningless.

0 sats \ 6 replies \ @jeff 3 Jan 2024

I don't think you cited a glossary definition of "trade or business".

0 sats \ 5 replies \ @kytt 3 Jan 2024 freebie

In statutory law, legal definitions prevail in the section in which they are defined.

245 sats \ 1 reply \ @BlokchainB 2 Jan 2024

Who is actually going to do this? If you don’t send from a CEX how could this ever be enforced?

571 sats \ 0 replies \ @jeff 3 Jan 2024

Better question would be, what if everybody does attempt to comply?

The report must include, among other things, the name, address, and Social Security number of the person from whom the funds were received, the amount received, and the date and nature of the transaction.

You have to get the SSN and Address from the sender? Your SSN would leak EVERYWHERE! And then, can you imagine the unstructured data formats the IRS would have to sift through? And then, imagine the scams that would open up? Eg somebody sends BTC to themselves, but records it incorrectly against another person's SSN for some reason?

12 sats \ 0 replies \ @SovranSystems 3 Jan 2024

Just stay out of their jurisdiction and then you don't have to worry about these immoral "laws." As anyone working for the government is immoral because they use DURESS to persuade you to comply. That is SLAVERY!

But, if you like being a SLAVE, then stay in their jurisdiction and give those pedophilia cowards your hard earned resources.