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US tax collectors require virtual currency owners to repay taxes and submit amended statements



FILE PHOTO: A virtual currency token Bitcoin will be displayed on December 8, 2017 on a monitor displaying binary digits in this illustration. REUTERS / Dado Ruvic / Illustration / File Photo

WASHINGTON (Reuters) ̵

1; The US Internal Revenue Service said Friday that thousands of letters were sent to taxpayers who had failed to report transactions in virtual currencies and possibly owed taxes ,

The IRS said it planned to send more than 10,000 letters to taxpayers. The effort started in July and will last until August.

"Taxpayers who fail to properly report the income tax consequences of virtual currency transactions may be required to pay taxes, penalties and interest," the agency said.

"Taxpayers should take these letters very seriously by reviewing their tax returns and, if necessary, revising past tax returns and repaying taxes, interest and penalties."

In July 2018, the IRS announced a series of tax returns to open up compliance Campaigns for US taxpayers to "collect taxes on global income from all sources," including virtual currency transactions.

The IRS has stated that it considers cryptocurrencies such as Bitcoin real estate for federal tax purposes, ie gains or losses on their sale should generally be reported as capital gains or losses.

Reporting by Katanga Johnson; Editing by Jonathan Oatis

Our standards: The Thomson Reuters Trust Principles.

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