[2017-03-21]Only 800 People Reported Bitcoin Earnings Per Year

[Kemarit]

IRS: Only 800 People Reported Bitcoin Earnings Per Year

IRS: 800 PEOPLE PER YEAR REPORTING AND FALLING

The exchange and wallet provider is currently facing enforced submission of its transaction records after the IRS went to court earlier this month.

In data released as part of the lawsuit, the authority reveals that in 2015 only 802 people reported Bitcoin gains on tax form 8949, and that the number had been decreasing year on year.

“The IRS searched the MTRDB for Form 8949 data for tax years 2013 through 2015,” the affidavit from IRS agent David Utzke quoted by Fortune reads.

Coinbase responded to the new pressure to reveal its customers’ history last week by saying it “remains concerned with the indiscriminate and over broad scope of the government’s summons” and its legal team was reviewing the situation.


Full Read Here: http://bitcoinist.com/irs-800-peoplereported-bitcoin/

[1Referee]

I am not surprised about this. I can't think of anyone in my circle to ever declare their holdings and profits like a sheep that is ready to get butchered. People are in Bitcoin for several reasons, and one of the reasons is to work outside the governmental system. Coinbase is just one example of how it is being forced to cooperate with the governments in order to hand them over user information. In the coming years more exchanges will follow. It's basically like this - If you don't declare your holdings and profits, the government will come after you and claim what you "owe" them.