Credit Karma: Almost No One Is Reporting Crypto Tax Gains - Only4Free - Cryptocurrency Connection

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Credit Karma: Almost No One Is Reporting Crypto Tax Gains

Credit Karma: Almost No One Is Reporting Crypto Tax Gains




Users of Credit Karma's tax preparation software appear to be under-reporting their cryptocurrency holdings, according to data provided by the company.

Fewer than 100 of the first 250,000 federal tax returns filed using the service reflected cryptocurrency gains or losses, the company reported. A spokesperson told CoinDesk in a statement that the "reporting of bitcoin gains [is] still at negligible levels."

Further, Credit Karma compared reporting levels from February 2018 and April 2018. Less than 100 people reported bitcoin gains or losses out of the first 250,000 users to file, or roughly 0.04 percent. The spokesperson added:




"With tax deadline less than a week away we reran the analysis and looked at the most recent 250,000 filers on the Credit Karma Tax platform and while we saw a more than 100 percent increase in the rate of those filing, the total remained a tiny fraction with still less than 100 people of the 250,000 having reported gains."

However, fully 5 percent of Americans reported owning cryptocurrencies in a survey, according to TechCrunch.

While investors may not be reporting gains, the Internal Revenue Service (IRS), the U.S. federal tax agency, considers bitcoin and other cryptocurrencies to be property. In other words, investors who sold cryptocurrency holdings in 2017 - for a gain or loss - need to report those transactions on a Form 8949.

Mining cryptocurrency is also a taxable event, whether or not the resulting holdings are sold. Hard forks resulting in new cryptocurrency holdings, such as the bitcoin cash fork, are taxable in at least some cases, but clear guidance from the IRS is lacking.

While there are questions surrounding what is taxed exactly, the uncertainty isn't due to a lack of interest. The IRS has employed Chainalysis, a startup that analyzes blockchain transactions, since 2015 to look into possible rules. The agency explains in documentation related to the contract:


"This is necessary to identify and obtain evidence on individuals using bitcoin to either launder money or conceal income as part of tax fraud or other Federal crimes."


Source: https://www.coindesk.com/credit-karma-almost-no-one-is-reporting-crypto-tax-gains/

Tags: cryptocurrency, CoinDesk, Credit Karma, TechCrunch, cryptocurrencies, crypto news, bitcoin news


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37 comments:

  1. whether thiers is cyrptocurrency or any mode when thiers gain or loss evasion happens 🙈🙈 accoutants know very well😎 nice post proper reporting and filing of returns should be done

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  2. Credit karma fewer than 100 of the firsr 250000 tax... it is bit couns or karma creait all these are gains and losses so every one should be reporting this...😊😊😊😊 nice article👍🏻

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  3. Amazing information...... Keep going...... Thank you

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  4. Amazing information...... Keep going...... Thank you

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  5. Good information Keep going...... Thank you

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  6. Credit Karma compared reporting levels from February 2018 and April 2018. Less than 100 people reported bitcoin gains or losses out of the first 250,000 users to file, or roughly 0.04 percent.its impressive 👍🔥

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  7. something new get to know.. keep it up..

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  8. Well. It’s very important issue that was raised in this article. As an American I know how crucial it is to file your taxes and, most importantly, do it right. No one wants to play with IRS, it will cost much more if they will catch you lying. I would not want to be in their shoes when it happens. Thank you for you info.

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  9. People commenting means we are on right track...

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  10. Thank you for the important information. Very helpful.

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  11. Unknown things that we able to know for your article so thanks.it's a very nice article

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  12. I didn't know Credit Karma did that, and I wouldn't want to mess with the IRS under reporting :(

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  13. Nice information about this topic bro

    ReplyDelete