Tuesday, April 17 is tax day in the United States of America – but early numbers are suggesting cryptocurrency investors aren’t being entirely upfront with the government’s tax collectors.
Our Little Secret
Nobody likes doing their taxes, especially now that reporting profitable cryptocurrency trades is required by law. Going through a years’ worth of trades and reporting profits is time-consuming and complicated — and it’s not being done.
According to the Internal Revenue Service, fewer than 100 of the last 250,000 tax filers have reported capital gains investments from cryptocurrency holdings as of April 13. No matter which way you look at it, that’s a shockingly low number.
As noted by Investopedia, that number – which comes directly from Credit Karma – amounts to a mere 0.04 percent of all tax filers. The 2015 tax year yielded similar results, as only 802 people recorded cryptocurrency gains and losses in their tax filings.
Obviously, the two numbers shouldn’t be comparable, as there’s a solid chance many of the people reading this article didn’t even know what cryptocurrency was in 2015. Thus, it stands to reason that the majority of cryptocurrency holders are deciding to …
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