Letter from the IRS

No dumbass, they started mailing them on July 22 and I'm not the first to receive one

>Mass mailing of these letters will occur during the week of July 22, 2019, and continue through August.
irsmind.com/audits/irs-begins-targeting-taxpayers-who-misreport-virtual-currency-transactions/

A quick search on reddit shows several others who received IRS letters earlier this week:
old.reddit.com/r/Bitcoin/comments/chupoe/irs_we_have_information_that_you_have_or_had_one/
old.reddit.com/r/Bitcoin/comments/chwdwy/received_irs_letter_6174a_due_to_crypto_trading/
old.reddit.com/r/tax/comments/cih1pm/i_received_a_crypto_notice_from_the_irs/

Mine is the medium one but I filed my taxes correctly so I'm just going to ignore it.

>Letter 6174– this is a soft notice informing the taxpayer that there is a likelihood that they did not report their virtual currency transactions. The notice asks them to check their return and, if necessary, file an amended return to correct the misreporting. The taxpayer is not required to respond to the notice and the IRS intends not to follow up on these notices. In short, this is information only to the taxpayer and education on how they comply.

>Letter 6174-A– this is a “not so soft notice” from the IRS. As in Letter 6174, this letter tells the taxpayer that there is potential misreporting of virtual currency transactions. However, this notices states that the IRS may follow-up with future enforcement action. Again, no response is required if the taxpayer believes that they are in compliance. Taxpayers who receive this notice should be aware that they have been put on “notice” that they have been identified as a noncompliant taxpayer for potential future enforcement.

And here is the YOU'RE FUCKED - WE'RE COMING AFTER YOU letter:

>Letter 6173– this notice requests a response from the taxpayer about the alleged noncompliance. The letter provides instructions on responding to the IRS. The IRS intends to follow up on these responses to determine if the taxpayer is in compliance.

how

I bet they are sending letters like that to people who meet a certain requirement regardless if they filed correctly or not.
IRS does not have unlimited resources.
They aren't gonna go osama bin laden on your ass unless they think you're hiding millions.

What makes more sense:
1. Go through and audit every single person who made more than 100k worth of trades last year and then send them a letter after you review their tax filings and let them know they reported it incorrectly

OR

2. Just send a fucking letter out to everyone who met such requirements and see who bites first, then worry about the stragglers later.

this. theres rappers and people who are actually on the IRS' list of taxes owed of over 1m and theyre walking free. its a scare tactic to cuck yourself.

local.bitcoin.com use escrow.

YOU NON TANGIBLE MATHS IS PROPERTY NOW PAY UP FAGGOT! HAHAHAHAHAHAHHA

Attached: 1560213038846.jpg (1024x962, 67K)

It's 100% a bluf, those niggers don't have any real power. It's like those emails from pajeets saying you need to reset your bank password except sent by jews.

Yes you do, unless you're willing to get robbed blind by fees. Bitcoin atms charge an extra 1000 on bitcoin, aka you'd be buying at 10,400 instead of 9,400 right now. Coinbase is the only place for easy entry from fiat to crypto, that day died when localbitcoins stopped doing local transactions.

how are people owing like 30-50-100k off less than 5-10k investments? that makes absolutely no sense

I only made like $250 last year on crypto and about the same amount this year. I didn't file anything last year because i was unemployed and didn't even make 1k last year. I just assume that if you make less than 10k they don't really care. If they send me that stupid letter am i really going to have to file and ammended return for $250 measily bucks? lol wtf.

bitcoin has been captured by banks and regulators. BTCers want to be good boys to be rich in the old economy.
The original users went to BCH Monero and other coins. The ones that didn't become comfy state agents, that is.

Scare tactics

zerohedge.com/news/2019-07-26/irs-sends-1000s-fishing-letters-crypto-users

trust me even 10k they wouldnt go after you. the AMOUNT of money/resources they would spend to cuck you to pay taxes on 10k (~3k lets say) would exceed that by 10x. now imagine going after 1m people like that. they'd be bankrupt before they even saw any money.

What to do if I haven't received one yet? I've really only made sporadic trades on Poloniex in 2017. Withdrew all my shit to private wallets and intend to wash it with Monero and start trading on DEX's from here on out.

Might I be good?

Attached: 15bz.jpg (400x300, 55K)

Ignore it. The state of NJ sends letters to people who buy used cars below the arbitrary number the state believes the car is worth. It's a cash grab. They are banking on you sending them a check. If they had reason to believe you owed them money, they'd say so.
Not financial advice. Fuck the IRS

I have only ever bought link with USD using coinbase.

Link is not a currency so I an good right?

I have never bought eth or btc

I bough about my 10k stack at 3.50

You wont have to file or potentially owe taxes until you sell or trade the chainlink

It's phishing for brainlets

you bought 10k link at $3.50?

but as far as your question goes, buying ANY crypto and selling it for any other crypto or for fiat is a taxable event (in the US).

however, you dont owe taxes until you close the position. if you simply bought LINK with fiat, but you havent done anything with the LINK yet, you havent locked in any gains or losses and wont owe taxes until you do.