Are the new US tax / cash reporting rules going to affect the way you trade?

[DaveF]

So now that we are in 2022 the new reporting rules are now in force. I know a lot of people still buy and sell BTC through PayPal and other ways.

A quick link:
https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered
Although this is the PayPal link it's the same for all services that move money between people.

And, the new bank reporting rules are also coming.

I know there are a lot of people who have played a bit "fast and loose" with tax reporting.
Others have reported it all but this is just more data to keep track of during the year.

Just wondering if anyone in the US thinks this will change the way they deal with buying and selling BTC

I wont change much. I am out of dealing with PayPal for other reasons and never really did much with other forms of transfer.

-Dave

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[so98nn]

Awaiting response from the US based guys. Simply put we need to pay taxes anyways whether this rule was enforced earlier or not. The thing is, if you are earning money by any means and it’s coming to your bank account then you have pay taxes for it. Being from India, we are literally unclear from all sorts of rules associated with bitcoin. But I personally paid the tax for financial year 20-21 as we had last date as 31st.

So I’m securing myself from any sort of trouble that may arise from IRS.

Let’s here what US guys has to say about the same!

[DaveF]

Well it's been a week and nobody seems to want to discuss it.
Which is strange considering the BTC price slump over the last few days.

I *think* that is is related a bit and a lot of people are not trading as actively, but that is just my opinion.
I know some people don't care and others have it as a 1st quarter 2023 issue when the taxes will actually come due.

I just can't see it not changing the way people are doing some things.

-Dave