Ah taxes… we all have them, we generally think they are being used for the wrong purposes, and we hate paying them. However, we all know that we have to. As tax season comes into full swing, reports surrounding cryptocurrency traders and taxes are starting to surface, and the news isn’t good. Apparently, few people have reported cryptocurrency gains on their taxes.
According to Credit Karma, a website that gives consumers access to free credit score checks, a very small percentage of people are reporting gains they’ve earned on cryptocurrency trades. In fact, Credit Karma said that out of the quarter million individuals that have already filed their taxes through the company, less than 100 individuals reported a single cryptocurrency transaction to United States tax authorities.