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IRS will seize your crypto if you can't pay back taxes

Published 05/12/2021, 04:15 PM
Updated 05/13/2021, 03:00 AM
IRS will seize your crypto if you can't pay back taxes

The United States Internal Revenue Agency is prepared to seize the holdings of cryptocurrency owners who are struggling to pay their unpaid tax debts, sending a strong signal that the agency is treating digital assets the same as any other type of property that can be confiscated.

Robert Wearing, deputy associate chief counsel for the IRS, told a virtual conference held by the American Bar Association that the government classifies digital assets as property. As such, these assets may be confiscated to satisfy outstanding tax debt that hasn’t been repaid.

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