Coinbase and the Evolving Crypto Taxation Landscape

[btc_manager]

Further reflecting the ongoing uncertainty around today’s cryptocurrency tax environment, newly released court documents appear to reveal the intention of the U.S. Internal Revenue Service (IRS) to more narrowly focus its investigation in its ongoing saga on obtaining user information from Coinbase...

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[Possum577]

Such hot news right now, well on the scale of how hot taxation news can be.

Taxation on income is obvious but if they're looking at a Coinbase account list of transactions how can they determine what is income vs a transfer? They'd have to have the account owner prover ownership of the sending wallet. This may difficult if it's coming from another exchange. How much proof eil the IRS require beyond the tax payer's "word"?

Regardless, we shouldnt pursecute exchanges like Coinbase for obeying the law.