IRS Criminal Investigators Looking Into Bitcoin ATMs and Kiosks
Adrian Zmudzinski's original article for cointelegraph.com reduced by 41%
United States Internal Revenue Service Criminal Investigation Chief John Fort said that the regulator is looking into potential tax issues caused by Bitcoin ATMs and kiosks. "We're looking at those, and the ones that may or may not be connected to bank accounts In other words, if you can walk in, put cash in and get bitcoin out, obviously we're interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks." A widespread serviceAccording to Coin ATM Radar, there are 4,129 Bitcoin ATMs and tellers in the United States that enable users to buy and/or sell cryptocurrencies in exchange for a fee. As Cointelegraph reported a month ago, Bitcoin ATM firm Bitstop installed one of its machines at the Miami International Airport, suggesting that Bitcoin is useful to move money when traveling.
Tax status remains murkyFort explained that cryptocurrency taxation issues are an emerging threat, adding that the cryptocurrency space has an inherent lack of transparency and visibility, which increases its potential for non-compliance. Earlier this week, Suzanne Sinno, an attorney in the IRS Office of the Associate Chief Counsel, clarified that cryptocurrencies have never been eligible for like-kind tax exemption, even before the 2017 tax overhaul. In the U.S., a like-kind exchange - or a 1031 exchange - is an asset transaction that does not generate a tax liability from the sale of an asset when it was sold to acquire a replacement asset.
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