Bitcoin transactions of $ 10,000 or more must be reported in the United States

Bitcoin transactions of $ 10,000 or more must be reported in the United States

In the United States, the guidelines and rules surrounding Bitcoin (PTC) are becoming more and more clear. Bitcoins in the country face additional rules. Transactions of $ 10,000 or more must be reported to the country’s tax authorities. American bitcoins will have to deal with this from 2023 onwards. It Reports Bloomberg.

This news comes from the US Treasury.

Start at Bitcoin and do not pay a trade fee of up to 1,000 for your first purchase

Trans 10,000 transactions

The move, like many bills in the United States, did not come alone. Joe Biden is part of the government’s plan to speed up tax enforcement, especially tax evasion.

This is a way to increase tax revenue.

This requires notification for companies that receive transactions of $ 10,000 or more in cryptocurrency. Incidentally, a similar obligation to report applies in the Netherlands. Not just for bitcoin companies, but also for banks and other financial institutions. This is according to the rules that apply to money as well.

The Ministry of Finance provides an explanation. This approach should address the motivations and opportunities for tax evasion: ” It addresses the privileges and opportunities for information extraction outside of the rules of reporting: “Cryptocurrencies are already a major issue to monitor because they facilitate illegal activity.”

In other words: Intelligence about cash flows should be as easy as possible for tax authorities.

Since 2020, Americans have been getting a lot of questions about potential investments in Bitcoin.

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Bitcoin and tax

Your Bitcoin must also be delivered in the Netherlands. Compared to other countries, the Netherlands is relatively flexible in terms of taxes. Small investors report little, especially in terms of additional costs.

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For the 2020 Notice, the tax and customs administration considers the value of your assets on reference date 1 January 2020. The Coinmarketcap website displays the value of your Bitcoin or other cryptocurrency on that date.

Your assets in Bitcoin usually fall into Box 3. If you are very active and trade a lot it may be different. This is what you need to know about taxing Bitcoin.

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