Barely anyone is paying the taxes they owe on their bitcoin gains

Share it with your friends Like

Thanks! Share it with your friends!

Close
  • Credit Karma Tax says fewer than 100 of 250,000 federal tax returns prepared and filed so far this year by its customers have included reports on cryptocurrency gains and losses.
  • Part of the reason for the lack of filings — especially for a year that saw investor interest in cryptocurrencies surge — is that every single trade and purchase using cryptocurrencies is considered a taxable event by the IRS.
  • Independent cryptocurrency trader Brandon Williams said the volume and volatility of cryptocurrencies means it takes him at least three or four hours every two weeks to note trading gains and losses.

Comments

Write a comment

*

Breaking U.S. Market News, Forex and Cryptocurrency Steve Rich FX TVClose