In what Coinbase calls a “partial, but still significant, victory, the company sent out an official notice on Friday, Feb 23 to about 13,000 customers that it is legally required to turn over their details to the US Internal Revenue Service (IRS).
The IRS had initially asked Coinbase in July 2017 to hand over even more detailed information on every one of its then over 500,000 users in an attempt catch those cheating on their taxes. This number has now been reduced to around 14,000 “high-transacting” users.
On Friday, Coinbase told the around 13,000 affected customers that the company would be providing historical transaction records from 2013-2015 to the IRS within 21 days.
It was previously reported by Credit Karma that only 0.04 percent of their customers had reported cryptocurrencies on their federal tax returns so far this tax season.
So how is Bitcoin Taxed in different countries?
Read: – Bitcoin and the Taxman
Read Related article: – Switzerland now a Cryptocurrency Tax Haven
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