Cryptocurrency: US IRS Unconstitutional Tax Doe Trolling and Seizure of Exchange Data, 4th Amendment
grarpamp
grarpamp at gmail.com
Sun Jun 4 21:15:40 PDT 2023
IRS Can Access Coinbase User Trading Data, Court Rules (blockworks.co)
[–]Slainte042Platinum | QC: CC 530 88 points89 points90 points 4 days
ago (28 children)
Finally they will be able to see all my bad trades.
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[–]KappatalizablePlatinum | QC: CC 846 19 points20 points21 points 4
days ago (15 children)
They can now laugh at you while they charge you taxes nonetheless
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[–]kirtash93The Ash Ketchum of Crypto | Gotta Catch 'Em All 10
points11 points12 points 4 days ago (7 children)
They will also see how much I earned with learn&earn program. The only
reason why I have Coinbase.
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[–]Hawke64Platinum | QC: CC 199 7 points8 points9 points 4 days ago (5 children)
Oh no, not my beloved learn&earn coins! Not all $20 worth of them!
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[–]BlargtheGiantTin 3 points4 points5 points 4 days ago (1 child)
Like .65 dollars
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[–]Kodeshii 0 points1 point2 points 4 days ago (0 children)
$20?! I only got $4!
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[–]broccoliiskewlTin 1 point2 points3 points 4 days ago (1 child)
you can get $30 in OP right now
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[–]Elegant_Tale_3929Platinum | QC: ATOM 27 0 points1 point2 points 4
days ago (0 children)
Wait, I think I've only gotten $9 this last year!
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[–]Tatakae69Platinum | QC: CC 898 0 points1 point2 points 4 days ago
(0 children)
Cries in unavailable in my country.
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[–]ice_blade_sorc 1 point2 points3 points 4 days ago (0 children)
You mean they get free entertainment from my portfolio too? Fucking
government wants everything huh
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[–]89timeTin 2 points3 points4 points 4 days ago (4 children)
If it makes doing my taxes easier, I'm ok with this.
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[–]EdwardteechTin[🍰] 10 points11 points12 points 4 days ago (0 children)
It won't
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[–]JamesBondMI6007Tin | CC critic 4 points5 points6 points 4 days ago
(2 children)
Why would it make doing your taxes easier? It’ll just allow the IRS to
make sure you reported your capital gains/losses correctly.
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[–]89timeTin 2 points3 points4 points 4 days ago (1 child)
That’s why I used the word “if”.
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[–]CCNightcoreBronze | Science 11 -1 points0 points1 point 4 days ago
(0 children)
Well no, because when you say that you're implying that it will make
your taxes easier, hence you're okay with it. If you weren't implying
that then you shouldn't have said it.
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[–]DaetheFancyTin | 1 month old 2 points3 points4 points 4 days ago (0 children)
cant charge taxes when you lose! ill take my writeoff instead!
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[–]ersleidPlatinum | QC: CC 100 5 points6 points7 points 4 days ago (0 children)
IRS guy: "Ayo bro, are you seeing this shit? wtf -50% down 😂"
FBI guy: "Oh yeah, this dude has sucked at trading for years now"
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[–]Lokiee0077 1 point2 points3 points 4 days ago (0 children)
Finally they can see there is nothing to Tax on here.
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[–]Alecglasofer 2 points3 points4 points 4 days ago (2 children)
Hopefully they quit after seeing your trades so they don't make it to mine lol
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[–]Slainte042Platinum | QC: CC 530 -1 points0 points1 point 4 days ago (1 child)
At least we can hope they have breathing problems from laughing.
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[–]Z3LS3Bitcoin 3 points4 points5 points 4 days ago (0 children)
IRS agent slumps back in office chair rubbing temples
“I think that’s enough internet for today.”
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[–]tambaybtc[S] 0 points1 point2 points 4 days ago (0 children)
Let them come and see me DCAing BTC with $0.5 daily and I am proud of it.
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[–]WineMakerBgTin -1 points0 points1 point 4 days ago (0 children)
Bullish on Painkillers :)
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[–]necboneTin -1 points0 points1 point 4 days ago (0 children)
Gonna see our pro strats
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[–]badfishbeefcakeSilver | QC: CC 100 | ADA 32 | PoliticalHumor 42 0
points1 point2 points 4 days ago (0 children)
so they can audit us just to roast us
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[–]correkt-horse 0 points1 point2 points 3 days ago (0 children)
Just what we all needed, more accountability.
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[–]Probably_notabotTin | CC critic 57 points58 points59 points 4 days
ago (13 children)
Well, it’s a CEX. I’d expect them to play by the rules to keep their
business running. Should be using an alternative if you’re after
privacy
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[–]RollingCoalsDaily 12 points13 points14 points 4 days ago* (1 child)
At last, a comment that makes sense in a sea of childish puns.
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[–]Hawke64Platinum | QC: CC 199 1 point2 points3 points 4 days ago (0 children)
Sir, this is r/cc.
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[–]CeramicDripFuture Moons Millionaire 3 points4 points5 points 4 days
ago (0 children)
How does one achieve the latter? For research purposes
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[–]DaetheFancyTin | 1 month old 3 points4 points5 points 4 days ago (0 children)
right? coinbase having government contracts already this was sortof
assumed. now its just confirmed.
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[–]TNGSystems 4 points5 points6 points 4 days ago (0 children)
Yeah I don’t think anyone has an expectation of privacy with CEX’s
when it comes to taxes. And for that reason I self report tax every
year.
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[–]RookieRamenTin 2 points3 points4 points 4 days ago (0 children)
Let's not downplay tax evasion or transparency. Both are good things
and it's weird you think traceability is something a cex has given up
whereas it's inherent to dexes. Sure dex'es seem anonymous but they're
not. If you want your tokens to be worth something you'll have to give
up your anonymity at some point. Don't ask for anarchy, ask for a fair
system. Transparency is the way.
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[–]JuggaliciousMemesTin | Unpop.Opin. 12 0 points1 point2 points 4
days ago (3 children)
of course, no business is gonna get in the way of the IRS
investigating people for tax evasion, IRS doesnt fuck around
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[–]mwdeuce 3 points4 points5 points 4 days ago (2 children)
IRS doesn't fuck around unless you're the church of Scientology, then
they bend over and take a hard dicking while asking for seconds.
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[–]JuggaliciousMemesTin | Unpop.Opin. 12 0 points1 point2 points 4
days ago (1 child)
this sub should register as a church so we can all get that tax-exemption status
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[–]midgetforce2kSilver | QC: BTC 64, CC 56 | LRC 134 | Superstonk 177
0 points1 point2 points 4 days ago (0 children)
This sub is basically a cult with Stockholm syndrome
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[–]JustinTormund_10Tin 0 points1 point2 points 4 days ago (0 children)
I was thinking the same thing, not sure why this is such a big surprise.
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[+][deleted] 4 days ago (1 child)
[deleted]
[–]KingTut747 1 point2 points3 points 4 days ago (0 children)
No to all of this
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[–]ovettaTin 20 points21 points22 points 4 days ago (3 children)
I don’t mind. I just want to automatically get a tally from CB of what
taxes I owe at the end of the year so I don’t have to guess or figure
out overly complicated math.
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[–]Hawke64Platinum | QC: CC 199 12 points13 points14 points 4 days ago (1 child)
IRS: "We perfectly know how much you owe us, but we won't tell you
because fuck you"
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[–]filenotfounderror 1 point2 points3 points 4 days ago (0 children)
this is actually not really the IRS' fault, its companies like Turbo
tax's fault who lobby to make it so they CANT tell you.
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[–]lostaga1n -5 points-4 points-3 points 4 days ago (0 children)
I haven’t done taxes in a few years because I couldn’t figure out wtf
I owed between a small side hustle on Etsy and crypto shit got
complicated and couldn’t afford a CPA since I mostly lost money
trading back then.
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[–]Euphoric-Mode215Permabanned 6 points7 points8 points 3 days ago (0 children)
don't i know it
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[–]TheDickDogKnows Sh!t about F*ck 12 points13 points14 points 4 days
ago (1 child)
Cartman voice.
IRS can suck my balls.
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[–]Hawke64Platinum | QC: CC 199 0 points1 point2 points 4 days ago (0 children)
IRS: "Respect my authoritah!"
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[–]Acceptable_One_2512 6 points7 points8 points 4 days ago (0 children)
now this is getting interesting XDD
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[–]dazy_thoughtsPermabanned 12 points13 points14 points 4 days ago* (3 children)
The taxman can probably also win a ruling to access and find out what
underwear I wear, let alone my trades.
Bullish on xmr undies /s
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[–]Tatakae69Platinum | QC: CC 898 2 points3 points4 points 4 days ago
(0 children)
IRS this comment right here. Find his invisible undies.
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[–]lj26ftPlatinum | QC: XRP 1126, CC 534 | x2x2 4 points5 points6
points 4 days ago (0 children)
The golden age of privacy coins will dawn with the rise of the regulated market.
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[–]Hawke64Platinum | QC: CC 199 1 point2 points3 points 4 days ago (0 children)
Step taxman, what are you doing?
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[–]Texasraised420Tin | LRC 6 6 points7 points8 points 4 days ago (1 child)
Bet they can find out how much I owe them if they want it and save me the hassle
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[–]Killertimme 3 points4 points5 points 4 days ago (0 children)
They already know! But its your job to do it anyway.
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[–]GardenofSalvationTin 2 points3 points4 points 4 days ago (0 children)
Can't believe anyone genuinely believed this would go any other way
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[–]S-W0RKSTin 2 points3 points4 points 4 days ago (0 children)
I mean, they already have all your info when u signed up with them.
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[–]mik_djPermabanned 2 points3 points4 points 3 days ago (0 children)
They can see my empty wallet lol
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[–]lordciders 4 points5 points6 points 4 days ago (3 children)
Trade in a Dex and cash out in a CEX.
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[–]Wendals87Bronze | QC: CC 18 2 points3 points4 points 4 days ago (0 children)
you do realize the IRS can see all your trade data on a dex as well
right? its all on the blockchain. In fact, they'd probably prefer it
as they don't have to ask coinbase to hand it over first
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[–]509BandwidthLimitTin 0 points1 point2 points 4 days ago (1 child)
And which DEX do you recommend?
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[–]frozengrandmatetrisPlatinum | QC: BCH 160, XMR 53, CC 35 | IOTA 9 |
Privacy 13 1 point2 points3 points 4 days ago (0 children)
just go on defillama and see the ones that have lots of TVL
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[–]BusinessBreakfast3Platinum | QC: BTC 28, CC 22 | CRO 5 1 point2
points3 points 4 days ago (0 children)
Of course they can.
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[–]GRREEEENMACHINETin 1 point2 points3 points 4 days ago (0 children)
How would this be surprising?
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[–]Playful_Inside1119Permabanned 1 point2 points3 points 4 days ago (0 children)
I don’t think this is surprising anymore.
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[–]cryptoderpinTin 1 point2 points3 points 4 days ago (0 children)
IRS: You owe us money!! ME: Dats cool, just print what I owe you. Look
how easy that was! Now go away and enjoy funding your endless wars.
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[–]DynamoDylanPlatinum | QC: CC 227 1 point2 points3 points 4 days ago
(0 children)
It was only a matter of time unfortunately
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[–]PrometheusOnLoudTin 1 point2 points3 points 4 days ago (0 children)
Well, I guess it's a good thing I only sell at a loss. Ha. Tricked em again.
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[–]MoonTLDRPermabanned 1 point2 points3 points 4 days ago (1 child)
That's bad. I am too ashamed to show my shit trades.
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[–]tambaybtc[S] 0 points1 point2 points 4 days ago (0 children)
Nothing to be ashamed of my friend. I am very proud with my daily btc
DCAing of $0.5 at least that is better than my shity trading decisions
😁
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[–]Euphoric_Bad4326Permabanned 1 point2 points3 points 3 days ago (0 children)
No surprise here.
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[–]crua9 3 points4 points5 points 4 days ago (1 child)
Is this new info? I mean capital gains tax isn't new. They have to
follow the law
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[–]Killertimme 1 point2 points3 points 4 days ago (0 children)
its not
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[–]WorriedComparison189Permabanned 2 points3 points4 points 4 days ago
(0 children)
Wow, that's concerning. It's important to be aware of what information
is being shared and with whom.
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[–]magnetichiraWe are Satoshi 3 points4 points5 points 4 days ago (11 children)
Use a DeX people, if you haven't figured this out yet...
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[–]leotardodicabrio 2 points3 points4 points 4 days ago (1 child)
I can't cash out on a dex
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[–]magnetichiraWe are Satoshi 1 point2 points3 points 4 days ago (0 children)
Well obv, is you want a fiat add ramp to bank account you need a CeX
For trading a DeX is perfectly fine
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[–]509BandwidthLimitTin 1 point2 points3 points 4 days ago (6 children)
And which DEX do you recommend?
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[–]magnetichiraWe are Satoshi 2 points3 points4 points 4 days ago (3 children)
GMX on arbitrum is very cheap, fast and gives zero slippage trades
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[–]509BandwidthLimitTin 0 points1 point2 points 4 days ago (0 children)
Thx
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[–]filenotfounderror 0 points1 point2 points 4 days ago (1 child)
gives zero slippage trades
What does that even mean. Slippage is a function of market mechanics,
its not something an exchange can just "decide" to do or not do.
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[–]magnetichiraWe are Satoshi 0 points1 point2 points 4 days ago (0 children)
GMX doesn't use a traditional limit orderbook for "fills". Instead
traders trade against a pool of assets (GLP) with defined limits on
position size based on the liquidity of assets in the pool. Prices are
from Chainlink.
More deets on the mechanism here: https://gmxio.gitbook.io/gmx/
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[–]leotardodicabrio 1 point2 points3 points 4 days ago (1 child)
I'd be interested too. Most Dex I've seen can't even show me prices
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[–]ZephrysiumTin | LRC 6 | Superstonk 105 0 points1 point2 points 4
days ago (0 children)
The loopring wallet is a really good DEX. I use it for its dual
investment feature, and it’s got an off and on ramp
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[–]Wendals87Bronze | QC: CC 18 0 points1 point2 points 4 days ago (1 child)
just to state the obvious, the IRS can also see your trade data on a
dex. It's all on the blockchain so public data
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[–]magnetichiraWe are Satoshi 0 points1 point2 points 4 days ago (0 children)
Run it through a privacy protocol eg railgun
they even have built in tax compliance tools
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[–]jktribitTin 1 point2 points3 points 4 days ago (0 children)
Hehee laughing cause they gunna see my -1567% gains the irs is gunna
owe ME money.
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[–]H__DresdenSilver | QC: CC 48 | Buttcoin 63 | JusticeServed 66 1
point2 points3 points 4 days ago (0 children)
Glad I deleted my Coinbase account a while ago.
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[–]orville_wTin 0 points1 point2 points 4 days ago* (0 children)
who cares? - don’t break the law & pay your taxes. - & you don’t have
anything to worry about.
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[–]doubleclickit 0 points1 point2 points 4 days ago (0 children)
That's some bullshit there should also be a week delay on anyone
finding out what you're buying or selling whether it be crypto or
stocks or whatever. Piss off enough people and they'll pay to take the
opposite side of your trades 😂 losers
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[–]Illicitterror 0 points1 point2 points 4 days ago (0 children)
You sign up and agree to all of this when making your account
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[–]ProjectZeusPlatinum | QC: CC 30 | Stocks 87 0 points1 point2 points
4 days ago (1 child)
Oh, are they gunning for Coinbase next then? The constant stream of
legislation against exhanges, cryptos and hardware wallets is pretty
exhausting
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[–]JuggaliciousMemesTin | Unpop.Opin. 12 0 points1 point2 points 4
days ago (0 children)
nope, they not gunning for coinbase, they’re just going after people
who want to avoid paying their taxes, which is easy to avoid being
investigated for by simply paying said taxes
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[–]minniping 0 points1 point2 points 4 days ago (0 children)
No CEX, no problem.
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[–]pojut 0 points1 point2 points 4 days ago (0 children)
I was under the impression that any CEXs operating in America need to
provide both you and the government with a 1099-MISC if you brought in
more than $600 in profits. Isn't that essentially the same thing?
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[–]JuggaliciousMemesTin | Unpop.Opin. 12 0 points1 point2 points 4
days ago (0 children)
“John Doe summons — a common tactic used by multiple government
agencies — essentially affords the legal right to request a third
party hand over data belonging to an individual or group of
individuals for tax evasion checks.”
people, pay your damn taxes🫣
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[–]Tatakae69Platinum | QC: CC 898 -1 points0 points1 point 4 days ago
(0 children)
Play stupid games(KYC), win stupid prizes(Taxes).
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[+]good2youall comment score below threshold-6 points-5 points-4
points 4 days ago (0 children)
People still use Coinbase!?
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[+]ieatmoondustPssssst... Hey! Got MOONS? comment score below
threshold-6 points-5 points-4 points 4 days ago (3 children)
Well, it was fun while it lasted.
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[–]Loft817Tin -1 points0 points1 point 4 days ago (2 children)
Dont break any laws and pay your taxes like normal, nothing changes
unless you are shady....
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[–]ieatmoondustPssssst... Hey! Got MOONS? -1 points0 points1 point 4
days ago (1 child)
I do nothing shady and dutifully pay all my taxes. Down voted tho?
Wow. Had no idea people welcomed the government to freely invade their
privacy.
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[+]AnarchyCheesemongerTin | LRC 9 comment score below threshold-7
points-6 points-5 points 4 days ago* (1 child)
I here by abolish the IRS and order all employees pay restitution for
the years of theft they perpetrated on the American people. They will
also have to wear paper bags on their heads for a period of no longer
then the rest of their lives. On those bags will be written the word
“Loser” and the amount of money they were personally involved in
extorting from others. I also declare that April 14th be here by known
as “Tax Liberation Day”. On this day every year the bag headed losers
can be pelted with rotten fruit and veggies. 🙂
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[–]AnarchyCheesemongerTin | LRC 9 -1 points0 points1 point 4 days ago
(0 children)
What’s the deal? Y’all work for the IRS?😂
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[–]Parush9Silver | QC: CC 178, DOGE 99 | LRC 103 | r/WSB 68 0 points1
point2 points 4 days ago (0 children)
Taxman coming for their cuts !!
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[–]podfather2000Tin | Unpop.Opin. 20 0 points1 point2 points 4 days
ago (0 children)
Good thing they can't tax losses.
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[–]coinfeeds-botApproved CC Bot 0 points1 point2 points 4 days ago (1 child)
tldr; A US federal court has ruled that the Internal Revenue Service
(IRS) can access Coinbase user data, rejecting a case brought by
plaintiff James Harper on constitutional grounds. The court cited the
agency's powers afforded to it by Congress, meaning Harper was not
entitled to protections beyond existing "checks on the IRS' powers".
The IRS has been using John Doe summons for digital asset enforcement
efforts since 2016, and in August 2022, a California federal court
granted an order allowing the IRS to issue a John Doe summons to SFOX,
a Los Angeles-based crypto prime broker.
This summary is auto generated by a bot and not meant to replace
reading the original article. As always, DYOR.
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[–]JestersWildly -1 points0 points1 point 4 days ago (0 children)
good bot
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[–]Jay_Bird_75Tin | SHIB 36 0 points1 point2 points 4 days ago (0 children)
Does this include inside of the CB wallet transfer or just on the CEX??
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[–]Dr_Tacopus 0 points1 point2 points 4 days ago (0 children)
I think we already knew that was the case.
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[–]snackysnackyTin | AvatarTrading 19 0 points1 point2 points 4 days
ago (0 children)
I prefer the IRS to see my bad trades to my wife
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[–]Money_Adagio_4357 0 points1 point2 points 4 days ago (0 children)
our rulers do not forgive when money is earned, even if it is cents!
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[–]JabulonTin 0 points1 point2 points 4 days ago (0 children)
this should make it easier to show what you are doing
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[+][deleted] 4 days ago (3 children)
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[–]tambaybtc[S] 1 point2 points3 points 4 days ago (2 children)
Haha nothing embarrassing about it my friend, let them come and see me
DCAing BTC with $0.5 daily and I am proud of it.
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[+][deleted] 4 days ago (1 child)
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[–]tambaybtc[S] 0 points1 point2 points 4 days ago (0 children)
One day we will get there my friend 🤞
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[–]SeisouhenPlatinum | QC: CC 57, BTC 52 0 points1 point2 points 4
days ago (0 children)
Can the IRS do this with tradefi, asking for a friend
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[–]Status_Floor1746Platinum | QC: CC 44 0 points1 point2 points 4 days
ago (1 child)
The IRS already scans the blockchain so I am a little confused what
this was about unless they were just trying to get peoples names
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[–]Wendals87Bronze | QC: CC 18 0 points1 point2 points 4 days ago (0 children)
yeah me too. All the people saying just to use a DEX don't understand
that it's all visible for anyone to see.
If you touch a CEX at any point they can follow the blockchain
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[–]abulduhaanPermabanned 0 points1 point2 points 4 days ago (0 children)
they gonna know im broke
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[–]PeacefullyFightingPlatinum | QC: CC 329, ETH 23 | VET 10 |
TraderSubs 24[🍰] 0 points1 point2 points 4 days ago (0 children)
Why wouldn't they? How does it work for stock trading, do they receive
a yearly report or do they have direct access?
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[–]discussionandrespectsleeping peacefully through the dips 0 points1
point2 points 4 days ago (0 children)
It’s over
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[–]Character-Dot-4078Platinum | QC: CC 535, ETH 45, BTC 44 | ADA 7 |
MiningSubs 39 0 points1 point2 points 4 days ago (0 children)
They didnt before lol? This company has been around and running for
how long now? Seems a little slow.
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[–]hemirtTin 0 points1 point2 points 4 days ago* (0 children)
I don't know about these John Doe summons, but from the article
An early-era crypto trader and former in-house legal consultant
for the Bitcoin Foundation, Harper filed an amicus brief in 2016,
fighting against the agency’s initial request for Coinbase to hand
over all user trading records. Despite ignoring requests from the
agency, Coinbase was reportedly forced to hand over some of its
largest user’s information, including Harper’s, following a separate
summons against the Delaware-registered exchange a year later.
And from what google says about John Doe summons ... it doesn't really
look like they related to "identifiable" people or group of people
under investigation and believed to evade taxes - it looks like they
just asked for any and all data about any people.
Similar John Doe summon I found for kraken for any users with >20k$
traded, they asked the same for coinbase. Both are supposedly fighting
it in court.
To me these look like "gather any and all data", even on users who did
no wrongdoing...
Hopefully non US person data is separated (as it for eu residents
should be, or something like that by GDPR) and gets never touched by
this horrendous organization.
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[–]PadankadankPlatinum | QC: CC 40 | SysAdmin 29 0 points1 point2
points 4 days ago (0 children)
I assumed they already did tbh
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[–]Impossible_Soup_1932Platinum | QC: CC 286 | ADA 8 0 points1 point2
points 4 days ago (0 children)
Same thing is coming to the EU, sad but seems inevitable
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[–]Wendals87Bronze | QC: CC 18 0 points1 point2 points 4 days ago (0 children)
The IRS can see your trades on a DEX as well. It's all on the
blockchain. I'd argue they'd prefer it this way as they don't have to
get permission from coinbase
I thought it was pretty obvious but people here are saying to just use
a dex and a CEX to cash out, so they can't see your trades
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[–]letsridetheworldBronze | QC: CC 20 0 points1 point2 points 4 days
ago (0 children)
Coinbase fought hard and they lost. The IRS is out of hands. They
basically do whatever they want
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[–]elysiansaurusPlatinum | QC: CC 20 | CAKE 6 | r/WSB 286 0 points1
point2 points 4 days ago (0 children)
This doesn't surprise me. Coinbase is basically like the most by the
book crypto company which is why some people love them and others
don't.
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[–]coltonmusic15Platinum | QC: LTC 79 | TraderSubs 82 0 points1 point2
points 4 days ago (0 children)
As if I need any additional record of the losses I stacked up in my
“trading days”. Thanks again IRS you always know how to make me feel
victorious 😭
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[–]AlligatorDerbyPlatinum | QC: CC 103 0 points1 point2 points 3 days
ago (0 children)
Pretty Sure We all Saw that coming... its Centralized, It's Public,
and in US jurisdiction....
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[–]AidsKitty1Tin 0 points1 point2 points 2 days ago (0 children)
Sure they can, it is a publicly traded company.
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