Coinbase email - anyone else get one?

Question

So I was one of the lucky 13,000 who received an e-mail from Coinbase telling me my information was being sent to the IRS. I was booted from Coinbase at the end of 2015 and haven't had any interaction with them since.

I'll be honest, when I started playing around with Crypto at the very end of 2014, I didn't realize what the fuck it would turn into — just that it was an easier way to move cash than MG or WU.

Like most, I've been down more than I've been up, and when I've been up, I ultimately lost any winnings over the course of the next few days/weeks. That said, I was buying and selling bitcoin heavily on Coinbase, but because I never held onto it for very long or bought anything with it (I literally didn't spend a dime of what I sold from my Coinbase sales), it would literally sit in my account before I bought more bitcoin and pulled it back into my account to transfer to an offshore book again. Needless to say, it was a vicious cycle.

I didn't think much of what I was doing until I received the e-mail.

At this point, I really don't care what anyone thinks of me. I'm just scared shitless that I could be going to jail because A) I didn't pay taxes on it (even if I don't have any profits to show for it) and B) The BTC I was transferring was going to offshore gambling books.

What I wanted to know if there were any tax professionals on here who would be willing to talk to me and offer some advice. Or if you could recommend someone to talk to. I'm willing to pay, if need be, for the advice.

Realize Covers may not be the most reputable place on earth, but I thought it was worth a shot. I'm done trying to put up a facade. Thanks in advance for any help/advice y'all can provide.

Money2theBank · Answer

So I was one of the lucky 13,000 who received an e-mail from Coinbase telling me my information was being sent to the IRS. I was booted from Coinbase at the end of 2015 and haven't had any interaction with them since.

I'll be honest, when I started playing around with Crypto at the very end of 2014, I didn't realize what the fuck it would turn into — just that it was an easier way to move cash than MG or WU.

Like most, I've been down more than I've been up, and when I've been up, I ultimately lost any winnings over the course of the next few days/weeks. That said, I was buying and selling bitcoin heavily on Coinbase, but because I never held onto it for very long or bought anything with it (I literally didn't spend a dime of what I sold from my Coinbase sales), it would literally sit in my account before I bought more bitcoin and pulled it back into my account to transfer to an offshore book again. Needless to say, it was a vicious cycle.

I didn't think much of what I was doing until I received the e-mail.

At this point, I really don't care what anyone thinks of me. I'm just scared shitless that I could be going to jail because A) I didn't pay taxes on it (even if I don't have any profits to show for it) and B) The BTC I was transferring was going to offshore gambling books.

What I wanted to know if there were any tax professionals on here who would be willing to talk to me and offer some advice. Or if you could recommend someone to talk to. I'm willing to pay, if need be, for the advice.

Realize Covers may not be the most reputable place on earth, but I thought it was worth a shot. I'm done trying to put up a facade. Thanks in advance for any help/advice y'all can provide.

monstergrit · Answer

scaryfor sure. not a tax guy, but i doubt the trump admin catches ya. and unless its in the millions u aint getting locked in the clink. if you can get through this yr without an audit youll be safe from prosectuib from a fed court (3yrs unless amnt was 25% or more of your income; hten 6yrs) you can be sued in civil court with no statute of limitations tho.

My advice, start saving and putting into so very low investment vehicles so you can pay if they come knocking, otherwise i wouldnt worry. taxes are based on honor code and helping to MAGA it up. of course they do audit, but the chances are insanely low, even with unreported income.

Its a low hanging fruit game, do i go after a dude that may owe 25k or the wesley snipes of the world that owe 25 mil....that said i'd prepare to pay justincase.

Coinbase email - anyone else get one?

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