Hardly Anyone Paying Taxes on Bitcoin Gains

Written by:
C Costigan
Published on:
Feb/13/2018

Credit Karma Tax tells CNBC that fewer than 100 of 250,000 federal tax returns prepared and filed so far this year by its customers have included reports on cryptocurrency gains and losses.

Part of the reason for the lack of filings — especially for a year that saw investor interest in cryptocurrencies surge — is that every single trade and purchase Independent cryptocurrency trader Brandon Williams said the volume and volatility of cryptocurrencies means it takes him at least three or four hours every two weeks to note trading gains and losses.

"Generally, Americans with more complex tax situations file later in the tax season, especially if they expect that they'll owe money," Credit Karma Tax General Manager Jagjit Chawla said in a statement. "However, given the popularity of Bitcoin and cryptocurrencies in 2017, we'd expect more people to be reporting."

Watch More Below

If you own bitcoin, here's how much you owe in taxes from CNBC.

video News

Bet the Minnesota Vikings vs. Eagles Week 5 - 2018: Latest Spread, Odds to Win, Predictions, More

Bet the Minnesota Vikings vs. Eagles Week 5 - 2018: Latest Spread, Odds to Win, Predictions, More

Minnesota is a +3 road underdog going up against Philadelphia. They have a 1-2-1 Straight Up record and 2-2 Against The Spread record.

Fortune: Why Sports Executives Are Betting Golf Is the Next Big Gambling Sport

Tiger Woods is Back!  He won the Dell Technologies Championship this past weekend and this is likely to translate into a greater interest in Golf both with fans and bettors.

Legalized Sports Betting in Texas a Pipe Dream

Those looking to place sports bets online in Texas will be able to do so via a host of international websites and maybe even by driving to Oklahoma.  Otherwise, it's a give that the state won't be legalizing sports betting any time soon.

Draftkings Sports Betting 'Team Pick'em' Open to All in US

"Team Pick'em" is available in all 50 states and offers real cash prizes and is free to enter

Madden Curse 2018 - Bet on Antonio Brown Missing a Game

Madden Curse 2018 - Bet on Antonio Brown Missing a Game

Our friends at BetDSI.com have released odds on the dreaded "Madden Curse", which unfortunately took on new meaning just recently when a gunman opened fire and shot two people during a Madden NFL eSports event in Jacksonville, Florida.

Syndicate