Overwhelming Majority of Bitcoin and Crypto Investors Refuse to Report Taxes

[Zurcemozz]

As the tax deadline draws closer, crypto investors will need to review their losses and gains related to their Bitcoin and altcoin holdings, and determine if they are required to report them on their taxes.

However, according to a recent Twitter poll, the vast majority of crypto investors are refusing to report their taxes, and are willing to risk stiff penalties should the Internal Revenue Service (IRS) discover the unreported earnings.

Crypto Investors Say “No Chance” to Reporting Taxes
This coming Monday is the tax deadline in the United States, a time when procrastinators scramble to the post office in hopes of getting their last minute tax reporting time-stamped before the deadline has passed.

According to a new poll shared on Twitter by crypto-focused Youtube personality Crypto Wendy O, crypto investors are refusing to report their crypto taxes. The poll revealed that 81% of all respondents replied with “not a chance” when asking what the status of their crypto taxes were.

Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term

5% said they “will start next week”, which is the day the deadline is up, while 15% of crypto investors reveal they are “currently doing them.” The poll strangely omits an option for crypto investors who have already completed their tax returns.

Following last year’s bear market, many investors in Bitcoin and other cryptocurrencies may have more realized losses than gains, however, taxpayers are still required to report any losses on capital asset transactions that they made within the tax year, regardless if it was a gain or not. Failing to properly report taxes can lead to penalties or jail time.

Read more: https://www.newsbtc.com/2019/04/12/overwhelming-majority-of-bitcoin-and-crypto-investors-refuse-to-report-taxes/