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Coinbase loses bid to block U.S. tax probe of bitcoin gains

By cpowell
Created 2017-11-30 18:16

By Joel Rosenblatt
Bloomberg News
Wednesday, November 29, 2017

Coinbase Inc. lost a bid to block an Internal Revenue Service investigation into whether some of the company's customers haven't reported their cryptocurrency gains.

U.S. Magistrate Judge Jacqueline Scott Corley in San Francisco ruled that the tax agency's demand for information isn't overly intrusive. The price of bitcoin has been soaring and crossed $10,000 Tuesday.

With just 800 to 900 taxpayers reporting bitcoin gains from 2013 through 2015 in a period when more than 14,000 Coinbase users have either bought, sold, sent, or received at least $20,000 worth of bitcoin, "many Coinbase users may not be reporting their bitcoin gains," she wrote. "The IRS has a legitimate interest in investigating these taxpayers." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-11-29/coinbase-loses-bid-to... [1]



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