Relief for U.S. gamblers as IRS narrows focus of Coinbase investigation

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, Jul 19, 2017.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    As we reported last year, the Internal Revenue Service has been investigating users of the popular crypto currency wallet and exchange, Coinbase. They had initially requested information on every US citizen who used the service between the years of 2013 and 2015 regardless of whether there was any evidence of tax evasion or not. Since Coinbase is a very popular exchange for US-based gamblers, this investigate threatened to have potentially large tax implications for U.S. poker players and sports bettors.

    Coinbase have been battling the IRS in the courts over the past few months because they feel that the IRS are overreaching by requesting data on every user. The strategy seems to be paying off because the IRS are now only looking for the records of Coinbase users who have made single transactions bigger than $20,000. The $20k transaction must have taken place during the 2013 to 2016 period and could be a buy, sell, receive or send.

    Most regular online gamblers do not make single transactions worth tends of thousands of dollars so their activities at Coinbase will to come under IRS scrutiny for the foreseeable future.
  2. Humble Servant

    Humble Servant Active Member Staff Member

  3. Doyle

    Doyle Member

    I read today that the IRS will be mining people's social media accounts to help them decide whether they will be audited or not so I hope you guys are boasting about owning hundreds of bitcoin on facebook or twitter.
  4. Humble Servant

    Humble Servant Active Member Staff Member

    Coinbase have now been ordered to handover details of customers that traded more than $20,000 worth of bitcoin....


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