Many Bitcoin, Cryptocurrency Owners Not Reporting Holdings On Their Taxes, Report Says

Many Bitcoin, Cryptocurrency Owners Not Reporting Holdings On Their Taxes, Report Says

REUTERS/Mark BlinchA Bitcoin sign is seen in a window in Toronto, May 8, 2014. 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.

Of the 250,000 people that have so far filed their federal taxes (due by 17 April), less than 100 have reported some kind of cryptocurrency transaction. This amounts to less than 0.04 percent of filers.

"Given the popularity of bitcoin and cryptocurrencies in 2017, we'd expect more people to be reporting", Jagjit Chawla of Credit Karma Tax told Reuters.

As more people invest in cryptocurrency, will they report gains or losses to the IRS?

Over half of the same survey sample claimed to have never reported any crypto gains to the IRS, while under half said that they felt they fully understood how owning digital currencies affected their taxes.

Cryptocurrency investors have had a history of being evasive when it comes to paying taxes on their gains.

Likewise, high-profile Bitcoin investors have been warning others to comply with IRS regulations. Although it remains unclear exactly how many Americans hold bitcoin and other cryptocurrencies, early data from one of the leading online tax preparations services suggests that only 0.04% of USA tax filers have reported gains or losses involving cryptocurrencies to the IRS. So the IRS isn't stupid. The tax agency also stated that income from "mining" cryptocurrencies is taxable.

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