The Department of Justice (DOJ) announced Thursday that an early bitcoin investor has pleaded guilty to "filing a tax return that falsely reported his cryptocurrency gains." Texas resident Frank Richard Ahlgren III pleaded guilty to understating the capital gains he received from selling $3.70 million worth of BTC.
According to court documents, Ahlgren purchased 1,366 bitcoins in 2015, each worth no more than $500. In October 2017, he sold 640 bitcoins for about $3.70 million and used the proceeds to buy a home in Park City, Utah. However, Ahlgren's 2017 tax return misstated the cost basis of his bitcoins, which allowed him to understate capital gains. Additionally, he did not report $650,000 in bitcoin sales in 2018 and 2019.
The Ministry of Justice emphasizes that all taxpayers are required to report any sales proceeds and gains or losses from cryptocurrency sales.
Bitcoin investors face imprisonment for underreporting cryptocurrency gains
2024-09-15 03:41:06
The US Division of Law DOJ announced Thursday that one early bitcoin investordesk3cryptocurrencydesktopCrypto News
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