IRS introduces new tax form asking about your crypto holdings

So, the IRS just dropped a new Schedule for the 2019 tax season, which goes into specifics on above-the-line deductions. Taxpayers will see this statement: It’s kind of vague, which means you gotta keep track of every sale, purchase, or even stuff you send to other wallets. What do you guys think? Personally, I reckon you’ll need some tools like Lumina and Bitcoin.Tax to keep everything in check.

They must really want to know who's invested in cryptocurrency. Nearly half the population files this schedule, and the question is really far reaching. "Receiving", "sending" or "acquiring any financial interest" in cryptocurrency doesn't even necessarily incur tax liability so it's pretty screwed up that buy-and-holders need to answer "yes" to this question. At least it's not a total surprise at this point. They published a revised draft a couple months ago that included this change.

read the IRS's own tax code.... seriously...  Remember:  it's a book by a private entity;  it is NOT a law or federal statute. find near the beginning wher the term "voluntary compliance" comes up when it comes to obligations of paying the FIT. Now think deeply about the word "voluntary";   if it was "compulsory" you would have to pay it.... but that is assuming the below is not true: [please try and prove me wrong] In all reality there are provisions for punishment of 'offenses' in the tax code itself;   But there is no federal law or statute that requires you to obey the tax code; or describes punishment for not paying federal income tax.   Full Stop. [This is all being separate from corporate gains, which the 16th amendment covers clearly]

That may be so. The important thing is that the IRS assessed 31 million civil penalties and got nearly 2,000 criminal convictions last year. 80% or more of convictions involve prison time. I'm all for avoiding taxes, but I would be careful about it for that reason.

Oah I know.... But;  in a legal defense,  I have yet to hear a prosecutor cite or rebut anything substantial when asked in court if they could cite a proper law or statute that requires the defendant to obey the tax code. There have been a few people that have had their cases dismissed only to be charged again and keep going through the same procedure, but most tend to take a plea deal to just end the process because of time, and money.   The IRS is very persistent to force cases to reach some sort of resolution that gives no precedence against them in this matter. Look into: Vernice Kuglin,  She is one of many acquitted by a jury in this manner.   The above is the correct question to ask, as there is no answer to this date that conclusively provides such a law or statute.   Any rational jury would not be able to convict you of a crime that is not described by any federal law or statute.