American Crypto Investors Hiding from IRS

February 14, 2018 Taxation in USA

Cryptocurrency incomeWASHINGTON D.C. – Americans who have already submitted their tax returns either have not invested in cryptocurrencies or are lying about the incomes the cryptocurrency have helped them realize.

The tax preparation business Credit Karma has released new information which indicates that taxpayers in America may be hiding their taxable incomes from cryptocurrency investments.

The business revealed that of the 250 000 individual taxpayers who have already filed their annual obligations, only 100 made any specific mention of gains from cryptocurrency.

It is estimated that approximately 7 percent of Americans hold investments in Bitcoin.

Also, a previous survey by Credit Karma indicated that as many as 57 percent of respondents have realised gains from cryptocurrency.

Based on the available information, it can be expected that a greater number of taxpayers should be declaring such incomes.

However, it was noted that many taxpayers with complicated tax affairs leave the filling until the deadline, and, as such, it is possible that the number of declarations featuring gains from cryptocurrencies will rise.