Pile of shite. No one’s keep a thorough record. This is useless. Only matter is gains / losses if converted into fiat and transferred to a bank account. If not…

🚨 Think your crypto transactions are untraceable? Think again.

A Bitcoin investor was recently sentenced to 2 years in prison for hiding over $4M in Bitcoin sales, causing a $1M tax loss for the IRS.

Here's what happened, why it matters, and how to stay compliant:

1/ What Happened: The investor sold large amounts of Bitcoin and intentionally failed to report the earnings, avoiding taxes on over $4 million in sales. This led to an estimated $1 million tax loss for the IRS.

2/ Why It Matters: The IRS is tightening its scrutiny on cryptocurrency transactions. With blockchain technology being transparent and traceable, unreported crypto income is increasingly difficult to hide. The case highlights the legal risks of tax evasion.

3/ How to Stay Compliant:

Report All Crypto Gains/Losses: Ensure you report all cryptocurrency sales, even if not directly converted into fiat currency.

Maintain Records: Keep thorough records of all transactions (dates, amounts, wallets).

Consult a Tax Professional: Cryptocurrencies have complex tax rules—it's always good to seek professional advice.

4/ Key Takeaway: Just because crypto transactions are digital doesn’t mean they’re invisible. The IRS has the tools to trace them, and failure to report can result in serious consequences. Stay compliant to avoid legal and financial trouble.

🔒 Always report your crypto transactions to stay on the right side of the law.

$BTC

#CryptoUsersHit18M #SuiHitsNewATH