I tried finding a thread on here regarding the IRS summons and coinbase, but couldn't. I have not been in here in quite some time. I'm hoping a few people here know what I'm referring to...
I received an email from Coinbase saying my account was one of the 13,000 accounts "affected" and they were sending all information to the IRS. They suggested lawyering up.
I read through the summons and needed clarification as at times it said "transactions totaling more than $20k in a single transaction" and at other times said "transactions totaling $20k in a year". I had to reach out to coinbase in an attempt to retrieve my account history- from everything I've been able to access and they've been able to access, they have no account activity prior to August 2017. They think it's in part because I reopened the account/made a new one with the same email and it somehow removed everything prior.
Anyway, this is under the guise of tax reporting/capital gains on BTC- but we all know that is total bullshit and a front for them to dig deeper. (If you moved BTC to a wallet elsewhere and never sold it, thus never profited, there are no taxes to pay)
Looking for discussion on this and who else was impacted and what they are doing.
Do I need to burn my house and move to Belize?
Thanks.
Belize is a beautiful place. See you soon.