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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.

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