Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Cryptocrit on December 08, 2023, 08:27:53 PM
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Many Americans Are Not Reporting Their Cryptocurrency Holdings on Taxes, Reveals 42% Non-Disclosure Rate
(https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEuLZ3i29kcrca-2Fel2M2u5yeck360AwMX6hmoFAgnTGCWEHm6IwjX9a30p1dZ0WfQYin6vDhI1DM74rUaI0SjHGRRvzUjumwFPrcY-QjxFqZBXLNFj3zevkYjoe8TLydqtusqwY12af7a5ztwe5-fFsI61_n2byAqtj72tdP0felSplCvAtOS2rFGYy9/w640-h640/Screenshot_18.jpg)
Alice Leetham a crypto expert from BanklessTimes, talked about this information. She said that not reporting the money made from cryptocurrency on taxes is a problem for following tax rules in the digital world. Investors need to have the right information to do their tax duties. The government also needs to understand this area better and make rules about paying taxes. To make cryptocurrency grow, people need to be clear about how they report what they earn.
Read more...
https://www.cryptocrit.xyz/2023/12/nearly-half-of-americans-arent.html (https://www.cryptocrit.xyz/2023/12/nearly-half-of-americans-arent.html)
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if their purpose is to tax a market where they didn't even have a regulation which they even cause prices to plunge i guess its really going to make holders disclosing their assets. they are lucky to have half of the crypto population willing to comply.
but i'm sure the government will find a way to find out who are those holders through the bank transactions or if they could get hold of the data from exchanges like coinbase.
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Indeed, most likely, people do not have sufficient information on how to correctly calculate their profits in cryptocurrency and pay tax on it. In the United States, tax evasion is considered a serious crime. Therefore, it is unlikely that nearly half of Americans will deliberately expose themselves to the possibility of criminal prosecution. Apparently, this is a shortcoming of the tax authorities themselves. But this is really interesting information.
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Indeed, most likely, people do not have sufficient information on how to correctly calculate their profits in cryptocurrency and pay tax on it. In the United States, tax evasion is considered a serious crime. Therefore, it is unlikely that nearly half of Americans will deliberately expose themselves to the possibility of criminal prosecution. Apparently, this is a shortcoming of the tax authorities themselves. But this is really interesting information.
There is a tool available on Google that can help users calculate the percentage of tax they need to pay on the income or profit they earned from cryptocurrency. This tool can also provide key takeaways and factors to determine the tax rate. It is important to have this information before filing their crypto earnings in their ITR.
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The revelation of a 42% non-disclosure rate in reporting cryptocurrency holdings on taxes among Americans indicates a significant gap in tax compliance. It underscores the need for clearer regulations, improved education, and enhanced enforcement to address the complexities surrounding cryptocurrency taxation and ensure fair tax reporting.