Very few Americans have reported their cryptocurrency holdings, with just a day remaining for tax filing, reports said, citing data from the personal finance company Credit Karma.
Fewer than 100 people, out of the more than 250,000 persons who recently filed through Credit Karma tax platform, have reported the capital gains on their cryptocurrency investments to the Internal Revenue Service, CNBC reported.
That is a whopping 0.0004 percent of investors who have reported their earnings. The deadline for tax filing is April 17. The IRS treats bitcoin investment as property.
Jagjit Chawla, general manager of Credit Karma Tax, told CNBC in an e-mail that “There’s a good chance that the perceived complexities of reporting cryptocurrency gains are pushing filers to wait until the very last minute.”
He sought to reassure people that it’s not as complex as it may seem at first glance and that Credit Karma Tax has a number of resources about how to approach bitcoin and taxes.
Bitcoin and other cryptocurrencies became popular, but risky investment choices over the last year as the price of the top cryptocurrency rallied to hit a record high in December.
by Jyotsna V