US Crypto Tax Returns to Arrive Any Minute Now – But Why Delay?
Only few days left now for US citizens to file their taxes, but crypto traders are nowhere to be seen, claims credit reporting agency Credit Karma.
Number of people who reported gains on their crypto trades haven’t changed since the last time they provided statistics, and some might say it’s rather worrisome. Because only 100 out of latest 250,000 filings included reported gains on crypto holdings.
“There’s a good chance that the perceived complexities of reporting cryptocurrency gains are pushing filers to wait until the very last minutes. I want to reassure people that it’s not as complex as it may seem at first glance and that Credit Karma Tax has a number of resources about how to approach Bitcoin and taxes,” said Jagjit Chawla, the company’s general manager.
Still, IRS itself might be the problem here, since it does not see Bitcoin as a currency nor any of form of tender. IRS claims Bitcoin is an asset with fluctuating value, and if the value appears to go up, crypto holders should pay capital gains.
Analysts have done the math and claim that total sum of taxes owed by households could exceed 25 billion dollars.
We are really close to deadline and it’s very unlikely to think that all crypto holders will just file their taxes at the last minute.