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Friday, October 26, 2018

IRS estimates that US crypto traders owe $25 Billion in taxes, and up to 50% of people could try to hide it...

In this month's IRS Information Reporting Advisory Committee Public Report, they dive into the topic of collection of cryptocurrency taxes, citing research conducted by Fundstrat:

"...estimated cryptocurrency-related U.S. tax liabilities at $25 billion. That is based on approximately $92 billion of taxable gains for U.S. cryptocurrency investors, who, according to Fundstrat, comprise around 30 percent of cryptocurrency investors worldwide. Globally, the cryptocurrency market grew from about $19 billion at the start of January 2017 to more than $500 billion at the end of December 2017, according to data from CoinMarketCap"

Also in the report, their estimate that up to 50% of people could attempt to not properly report their cryptocurrency earnings, adding:

"Because transactions in virtual currencies can be difficult to trace and have an inherently pseudoanonymous aspect, some taxpayers may be tempted to hide taxable income from the IRS."

The full report can be viewed on the IRS website here.

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Author: Mark Pippen
London News Desk