Is it possible to give IRS more work than they want. What if you buy lots and lots of chep things (micropayments is a feature of bitcoin we want to keep) or just move bitoins back and forth between different wallets and report every single transaction individualy. Then send these thousands of small transactoins of cents or less to IRS to handle. Since this is possible with bitcoin what would happen.
I' m lucky not to be a US sitizen.
is it possible that your all squirming over nothing...
the IRS does not give a crap about very purchase of coffee at starbucks. in reality ask yourself this
if someone put $10 into a birthday card, would yo report it to IRS as extra income
if your boss bought you a coffee a bagal each morning, would you claim that to the IRS
if our boss asked you to travel to the next town, and he gave you $20 for fuel to get there. would you claim that.
if your grandma knitted you a item of clothing, would you claim that
if your loving partner bought a mail and shared it with you,would you claim that.
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the IRS does not give a crap about the little 'disposible' incomes and possessions. they care about the higher price stuff. so before you go cry like a baby that you have to fill in tax returns. because most complainers sound like they are not old enough to have ever done one before... go speak to an accountant.
then you will see that for tax purposes, we always knew that making a profit will involve declaring profits when cashing out to FIAT. the only difference is that IRS has declared that bitcoin isnt simply monopoly money. but something of value, that stores value. and when selling it, its worth taxing. much like your car or artwork.
the IRS news is good. not bad.