Reply to post: Re: US Inland Revenue Service/HMRC?

Uncle Sam wants 'ethical hackers' to crack its planetary defenses, but don't expect a pay-day from this bug bounty

amanfromMars 1 Silver badge

Re: US Inland Revenue Service/HMRC?

The I.R.S./HMRC doesn't like tax evasion much. So if anyone bought and sold a lot of bitcoin and made real money on it, and did NOT declare all that on the tax forms [it's considered "foreign currency" and apparently has a special place to declare it, though i always use tax software that just asks me about it], then the IRS/HMRC will be wanting to find out how much money you made and bill you for the unpaid tax, with interest and a LOT of penalties. Yeah, they do that.

OTOH, if your cryptocurrency went bust, you should be able to deduct that, assuming you have capital gains on your other investments. No other investments? Quel dommage. .....bombastic bob and HildyJ

True or false? And be there perilous phantom pirates all at sea there? Who be they?

What does your simple common sense and plain logic tell you?

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