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US Taxpayers 'Failing To Disclose Crypto Gains'

by Mike Godfrey, Tax-News.com, Washington

20 February 2018


Very few US taxpayers are reporting cryptocurrency gains in their tax returns, according to preliminary figures published by a tax return preparation company.

Credit Karma said, of 250,000 taxpayers who have used its software recently to file US tax returns, fewer than 100 reported taxable gains from virtual currency trading.

This is despite estimates that some seven percent of US taxpayers have gains to report.

In March 2014 the IRS issued a notice ruling that virtual currencies such as bitcoin are to be treated as property rather than as fiat currency for tax purposes.

TAGS: tax | investment | Internal Revenue Service (IRS) | United States | currency

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