A few months ago, the IRS was successful in suing Coinbase for their customer list. Coinbase had to turn over 15,000 names of US Taxpayers that used their platform to buy and sell Cryptocurrencies. Eight years ago, cryptocurrency was worth a dollar, but now it’s trading at about $6,500. During 2017 and early 2018, it was up around $19,000, and a lot of people haven’t reported the gains on those transactions on their tax returns.
It’s estimated that there are another 15,000,000 US taxpayers that haven’t reported their cryptocurrency transactions on their income tax returns.
If you are among the 15,000 plus taxpayer that have unreported income from crytocurrentcy transactions, do yourself a huge favor and voluntarily file or amend your returns to report the transactions. Coinbase has already fallen and others will follow.