Published On: Thu, Feb 15th, 2018

IRS Stymied Over American Cryptocurrency Traders’ Reluctance to Report Earnings

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As cryptocurrency investors continue to see gains, it appears they’re also continuing to stay quiet about their earnings to avoid taxation from the IRS.
Where are the American Crypto Taxpayers?
With roughly a month and a half left until the April 17th tax filing deadline, the IRS has reportedly only received 18.3 million individual tax returns so far, 13% of the total expected. Although it is still early in the tax season, it appears as though American taxpayers are loath to report their gains and losses this year and the IRS is shocked – SHOCKED – at the turnout (or lack thereof).
Cryptocurrency trading saw a huge surge in 2017 as the price for Bitcoin skyrocketed, climbing from just around $1000 at the beginning January 2017 to a staggering all-time high of near $20,000 in December of that same year. Although it remains unclear exactly how many Americans hold bitcoin and other cryptocurrencies, early data from one of the leading online tax preparations services suggests that only 0.04% of U.S. tax filers have reported gains or losses involving cryptocurrencies to the IRS. This figure is in stark contrast with the 7% of Americans estimated to own cryptocurrency and presumably owe taxes on …

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