Bitcoin investor stunned by $ 100,000 in tax debt
The cryptocurrency investor, who faced with $ 100,000 in tax debt last year and was stunned, won his fight with the tax office.
In the US, the tax notifications regularly sent to cryptocurrency investors by the Internal Revenue Service (IRS) occasionally shock investors.
The latest example of this happened to a close friend of finance writer Zack Voell, who is active in the cryptocurrency space. According to the information shared by Voell on the issue, his close friend received a tax notification from the IRS last year and it was written in the letter that he owed 100 thousand dollars to the tax office for the false statement. The investor, stunned by this notification, later embarked on a struggle to prove the debt was unfair. After a year of fighting with the IRS, he was told today that he actually owed $ 600.
The IRS, the US tax collecting agency, recently sent tax letters to a large number of cryptocurrency investors that they did not declare their earnings correctly. “Have you bought, sold, sent to someone or made a profit from a virtual currency at any time in 2020,” the IRS told US taxpayers. He demands that they answer his question. The institution is said to have obtained information about investors from Coinbase.
The IRS has monitored the transactions made in 7 privacy-oriented cryptocurrencies, including Monero (XMR), Zcash (ZEC), Dash (DASH), Grin (GRIN), Komodo (KMD), Verge (XVG) and Horizon (ZEN). He opened a project proposal that he was looking for tools that would make it possible.