Crypto owners caught out by tax deadline

A survey into crypto ownership in the US has revealed that 74% of respondents were not ready to submit their tax forms to the Internal Revenue Service (IRS) by the April deadline.

The survey by CoinTracker focused purely on the US, indicating that rapid growth of interest has not come with a better understanding of the industry.

Those who need to submit their crypto funds for taxation have until April 18 or alternatively can ask for an extension.

More surprisingly, 40% of participants were not aware of the fact that selling a crypto asset was actually taxable income. The same applied to 48% of respondents who did not know that the sale of NFTs fell into the same category.

According to CoinTracker chief operating officer Vera Tzoneva, it’s not surprising that the majority of people are unaware.

She said the subject is complex and people have jumped on the opportunity to dabble in crypto without fully understanding the financial implications.

All consumers in the US have to pay tax on crypto sales that exceed $15,000. This includes anything from profits to crypto gifting.

Tzoneva said that CoinTracker was working around the clock to help consumers better understand taxation through a network of collaborators. “We work in tandem with our partners to write concise and accurate tax-related content to be published on our partners’ platforms and serve their communities.”

You can use crypto for recreational purposes at Bitcasino, 1xBit and FortuneJack.

Source

Updated: 04/07/2022 — 16:00