The IRS is coming after cryptocurrency traders. And the government isn’t being nice about it.
I’m tight on space today, but let me give you a taste of this very important story.
At the end of July, the IRS started sending letters to people who trade cryptocurrencies like bitcoin, reminding them that they owed taxes on any profits they may have made.
The IRS sent out three letters. The harshest was Letter 6173, which starts, “We have information that you have or had one or more accounts containing virtual (crypto) currency and may not have met your US tax filing and reporting requirements.”
“Virtual currency is considered property for federal income tax purposes,” the letter said.