IRS will seize your crypto if you don't pay back your taxes
It's SilverGoldHunter here agin,
And I have news that the United States Internal Revenue Agency, or IRS will seize your crypto if you can't pay back your taxes
but let's find out why?
The United States Internal Revenue Agency is prepared to seize the holdings of any cryptocurrency owners who are struggling to pay their unpaid tax debt thus sending a very strong signal that the agency was treating digital assets the same as any other type of property that can and will be confiscated.
Robert Wearing who is the deputy associate chief counsel for the IRS had told a virtual conference held by the American Bar Association and has said in a quote that
"digital assets are property and general tax principles applicable to property transactions apply to transactions using virtual currency.”
Bitcoin and other cryptocurrencies are classified as property from the perspective of federal taxes, according to a 2014 Notice which has been published by the IRS.
Even still that the IRS has been tracking data on all cryptocurrency users on exchanges like Coinbase & Kraken which is making things a lot harder when assets are stored on hardware wallets.
Sources
What are your views on this tax issue?
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Peace Out Everybody
SilverGoldHunter
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