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by ccooffee
971 days ago
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When crypto is involved, I think of shady folks. If you use a crypto exchange to acquire cash and then purchase a Ferrari in cash, you probably will trigger IRS regulations that require the dealer to report a large cash transaction (>$10k)[0]. I cannot find clear documentation from the IRS that states cryptocurrency transactions trigger mandatory reporting, though it is possible that it is reported somewhere. From my very biased perspective, Ferrari accepting crypto is just advertising to various "bad folks" (drug/gun/human traffickers) that they're not gonna tell the IRS. [0] https://www.irs.gov/newsroom/cash-payment-report-helps-gover... |
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