IRS Says It Can Seize Your Crypto If You Have Tax Debts

According to Robert Wearing, deputy associate chief counsel for the Internal Revenue Service, the holdings of cryptocurrency owners who have unpaid tax debts can be seized, Bloomberg reports.  

At a virtual event held by the American Bar Association’s section of taxation, Wearing explained that digital assets are treated as property, which is why they can be confiscated like one’s real estate or car for satisfying delinquent tax debt:   https://googleads.g.doubleclick.net/pagead/ads?gdpr=0&us_privacy=1—&client=ca-pub-4834169448759613&output=html&h=280&slotname=6726665699&adk=1320029375&adf=2779118&pi=t.ma~as.6726665699&w=336&lmt=1620850914&psa=0&format=336×280&url=https%3A%2F%2Fu.today%2Firs-says-it-can-seize-your-crypto-if-you-have-tax-debts&flash=0&wgl=1&dt=1620850908464&bpp=3&bdt=6433&idt=603&shv=r20210510&cbv=%2Fr20190131&ptt=9&saldr=aa&abxe=1&cookie=ID%3D041f2d027f12fd71-22c54efdbca70032%3AT%3D1619869400%3ART%3D1619869400%3AS%3DALNI_MbvYsEG1vHFnYGSowtwHAkhvYRYTw&prev_fmts=0x0%2C393x280%2C336x280%2C393x90%2C393x140%2C336x100&nras=1&correlator=2208416391006&frm=20&pv=1&ga_vid=297677843.1619869399&ga_sid=1620850909&ga_hid=331473906&ga_fc=0&u_tz=60&u_his=1&u_java=0&u_h=851&u_w=393&u_ah=851&u_aw=393&u_cd=24&u_nplug=0&u_nmime=0&adx=29&ady=1130&biw=393&bih=712&scr_x=0&scr_y=0&eid=31060474&oid=3&pvsid=298860169899609&eae=0&fc=1920&brdim=0%2C0%2C0%2C0%2C393%2C0%2C393%2C712%2C393%2C712&vis=1&rsz=%7C%7CoeEbr%7C&abl=CS&pfx=0&fu=0&bc=31&ifi=5&uci=a!5&btvi=1&fsb=1&xpc=YheTWk5oru&p=https%3A//u.today&dtd=5608

Bottom line: The IRS will seize that property and will attempt to follow its usual procedures to sell it and use it to satisfy collection.

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