Early Data Suggests Few Taxpayers Reporting Crypto Gains and Losses

35658888 - us 1040 tax form and silver ball pen

 

An estimated 7% of all Americans are believed to own some type of cryptocurrency. According to early indications from tax firm Credit Karma, however, only a relatively small number of those people are apparently reporting digital currency gains and losses in this year’s tax filings.

Credit Karma has reported that only 100 of the first 250,000 tax filings they’ve managed this year have included disclosures about digital currency taxable events and that is apparently prompting concerns that many digital currency investors may simply continue to ignore their crypto gains during tax filing season. A survey late last year revealed that more than a third of respondents had no intention of reporting their gains or losses.

In a statement, Credit Karma Tax General Manager Jagjit Chawla suggested that the company was surprised at the low rate of reporting:

"Generally, Americans with more complex tax situations file later in the tax season, especially if they expect that they'll owe money. However, given the popularity of Bitcoin and cryptocurrencies in 2017, we'd expect more people to be reporting."

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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