IRS Alerts Taxpayers They Must Answer a New Question On Tax Forms Or Face Consequences

Epoch Times ^ | 01/26/2023 | Tom Ozimek

[steve86]

No, but they might be considered fungible.

[alexander_busek]

No, but they might be considered fungible.

In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of whose parts is indistinguishable from any other part. Fungible tokens can be exchanged or replaced; for example, a $100 note can easily be exchanged for twenty $5 bills. In contrast, non-fungible tokens cannot be exchanged in the same manner.

- Wikipedia

Can you break a "50 Cents Off Your Next Purchase of Shake 'n' Bake" coupon?

Like, could you hand me two "25 Cents Off Your Next Purchase of Shake 'n' Bake" coupons in exchange?

SERIOUS QUESTION: Are "digital assets" like Bitcoin legal tender?

Are they valid for the "payment of all debts, public and private?"

Then what business does the IRS have, asking about them?

Regards,

[BobL]

“If anyone wants to yell at me for not paying them, do it.”

Well, for starters, those who don’t pay taxes aren’t contributing to the destruction of Syria, Libya, Serbia, and Ukraine and many other countries, along with the blowing up of gas pipelines.

Not very considerate of you.

[steve86]

The Wikipedia definition is narrow; that's one reason people don't use wiki as dictionary. And the term was around long before NFTs ("token").

Dictionary: In broader use, fungible can mean "interchangeable," or sometimes "readily changeable to adapt to new situations." One Shake&Bake coupon is interchangeable with any other of like amount, and yes, two 50¢ coupons have the same economic value as one $1 coupon. Moreover, when Shake&Bake introduces a new product offering the coupons are still usable (adaptable).

As to your follow-up question, the IRS has never been restricted to taxing "legal tender". Their interest extends to increases in value of any kind, such as unrealized capital gains and property appreciation. Even to "exchanges in like kind", that clearly involve nothing like legal tender (but implied changes in value can be converted to legal tender, just like Bitcoin).

[Candor7]

Here is our corporate DIGITAL asset.

( Art exemption 238 AA of the CGI )

[fruser1]

Which is why banks report interest income to the IRS.

This new requirement refers to income, not just having assets.

Works the same for stocks.

[sit-rep]

I have a freind who hasnt filed since 2014... the year Obamacare started charging. he is wondering where to possibly start catching up. anyone in the know please contact freepmail...

Thanks...

[sit-rep]

i before e...

[grey_whiskers]

What is a digital asset?

It's what you feel like showing the IRS every year when you pay your taxes.

One on each hand.

[BlackbirdSST]

Year 26 of not filing taxes is going to go well for me. When they print your forms, then have YOU calculate it just so they recalculate it.. that’s volunteering. You voluntarily pay your taxes under the false threats that they will “get you, you wascily-wabbit” Taxes are voluntary. Still. 26 years. If anyone wants to yell at me for not paying them, do it. :)

I wouldn't yell at you for not paying taxes. I would tell you how stupid you are for posting and bragging about it on the internet. That's just plain dumb.

[Ikeon]

No digital assets added. I have the same 10 fingers and toes I had last year.

[BlackbirdSST]

The Fair Tax does not promote domestic industry the way a tariff does.

Is there some reason we can't do both?

[NetAddicted]

Read later.

[central_va]

No reason. Anything is better than the current tax on the “fruits of one’s labor”.

[Elsie]

I might say, “Maybe.”

[Elsie]

I might say, “Maybe.”

(Did the cyrpto folks send the IRS any of my information?)

[Elsie]

SERIOUS QUESTION: Are "digital assets" like Bitcoin legal tender?

Is a CAR that you won from a raffle ticket?

[Elsie]

Which is why banks report interest income to the IRS.

Is there any 'interest' generated by crypto?

[Elsie]

i before e...

filed OK
since OK
wondering NOT ok
freepmail NOT ok

[Eleutheria5]

Gotcher digital assets right down there, beotch!