Bitcoin investors in the US have been told to pay taxes on their profits from cryptocurrencies for months, but investors still don’t give a damn about Uncle Sam.
So far this year, according to data from a popular tax preparation service A very small percentage of U.S. taxpayers—just 0.04%—report their cryptocurrency income and loss to the Internal Revenue Service (IRS).. Considering that 5-7% of Americans own Bitcoin or any other crypto currency, it is understood how low this rate is.. 7% of taxpayers in the US pay only 0.04% to the IRS when they should pay cryptocurrency tax.
250K tax returns through Credit Karma, a free credit tracking service. While less than 100 people out of these 250 thousand people declared tax on cryptocurrencies, only one person out of 100 declared a “significant” amount of cryptocurrency income/loss.
Although it is still early for the tax period. In the most recent census, the IRS has received only 18.3 million individual tax returns so far this year, which is 13% of total tax returns expected this period.
In January, by Credit Karma Tax and research firm Qualtrics. According to a survey of more than 2,000 Americans who own cryptocurrencies, 57% of respondents earned income from their cryptocurrency investment – and the IRS wants to tax that income.. But 59% of Americans said they’ve never declared any income to the IRS.
While users of Credit Karma’s tax preparation service don’t represent every taxpayer in the United States, it’s still significant data. they offer. One million people filed their tax returns last year through Credit Karma. That makes Credit Karma the nation’s fifth-largest tax preparer, and the company is looking to become the third-largest preparer this year.
It’s not surprising that Bitcoin investors are slipping a bit when it comes to paying taxes.. The IRS sued Coinbase last year and received information from 802 people who had profits/losses from Bitcoin in 2015.. In fact, the IRS initially asked Coinbase to provide information on 14,000 customers, which had slid down to 802 thanks to Coinbase’s struggles, but the information is information. Novogratz comments on the matter:
“Listen, the IRS will come after people. People are making serious money now.. The IRS is not stupid either.”
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