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571 sats \ 0 replies \ @jeff 3 Jan \ parent \ on: New Bitcoin tax reporting obligations took effect on new year’s day bitcoin
Better question would be, what if everybody does attempt to comply?
The report must include, among other things, the name, address, and Social Security number of the person from whom the funds were received, the amount received, and the date and nature of the transaction.
You have to get the SSN and Address from the sender? Your SSN would leak EVERYWHERE! And then, can you imagine the unstructured data formats the IRS would have to sift through? And then, imagine the scams that would open up? Eg somebody sends BTC to themselves, but records it incorrectly against another person's SSN for some reason?
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