The IRS wants its cut and you may not know it

Personal Finance

“If you make a transaction, the onus will be on you to report it,” said certified financial planner Samuel Boyd, senior vice president of Capital Asset Management Group in Washington, D.C. “Those transactions generate either short-term capital gains or losses or long-term capital gains or losses.”

For many investments, individuals generally receive a Form 1099 that shows their taxable gains. The form also is sent to the IRS, which gives the agency a way to identify any differences in what’s reported between brokerages and taxpayers.

The IRS has ruled that even if you get no official notice of your taxable gains, the agency wants its share. On Wednesday, a U.S. District Court judge in California ordered Coinbase, a popular platform for buying and selling bitcoin and other cryptocurrencies, to turn over identifying information on accounts worth at least $20,000 during 2013 to 2015. It’s unclear whether the exchange will comply or contest the ruling.

Source link

Products You May Like

Articles You May Like

Food group Danone eyes further sales and profit growth for 2018
Bonds are entering a rising rates cycle for the first time since the 1940s
Shake Shack tumbles on cautious sales outlook, Wall Street isn’t worried
Boston Beer taps Peet’s Coffee CEO as its new head
Coca-Cola earnings Q4 2017 beat expectations

Leave a Reply

Your email address will not be published. Required fields are marked *