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Possible new rule: if someone sends you $10,000 in Bitcoin over the course of a year, you need to send their info to the IRS or else you could become a felon and face massive fines.

Possible new rule: if someone sends you $10,000 in Bitcoin over the course of a year, you need to send their info to the IRS or else you could become a felon and face massive fines.



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8 Comments

  1. This is no different than the rules already in place for fiat transactions. I remember having to do this when my parents sent me money to pay for my college tuition years ago.

  2. It’s so cute they think they can actually implement this. I love how none of the big banks nor the governments really understand what Bitcoin is and how it works.

  3. It’s not a “possible rule”, you already have to report and pay taxes on income.

    If these are gifts, it’s a different matter. AFAIK you don’t have to report gifts. Tax limit is something like $15K/year per gift-giver now. This is why panhandlers don’t have to report any income — all that spare change people throw at them is gifts, and is tax-free.

    This is also how some panhandlers end up having half-million-dollar vacation homes in Florida that they spend their winters in while stupid New Yorkers freeze their asses off schlogging to and from work all year round, LOL.

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