If you own crypto-currency, you may be in for a nasty surprise come April 15th.
Rumor has it that the crypto-currency exchange Coinbase has been ordered to turn over records of 13,000 accounts to the IRS containing ” “taxpayer ID, name, birth date, address, and historical transaction records for certain higher-transacting customers during the 2013-2015 period.”
Since the IRS calls crypt-currency an “intangible asset” any trade results in a capital gain or loss. Coinbase will be sending the IRS 1099-K’s that will report your gain.
So, if you made a killing in 2017 on Bitcoin, be prepared to pony up.
Here’s a primer on how to figure it out: