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A Small Survey Shows that US Crypto Investors Have Big Problems with Taxes

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Amid the looming April 18 tax filing deadline in the US, as much as 96% of surveyed crypto investors had not filed their tax returns as of March 27, and 74% want more information on how to file taxes from their crypto exchanges, according to a small survey commissioned by crypto portfolio tracking and tax compliance specialist CoinTracker. Carried out by Wakefield Research, the survey of only 100 US crypto investors surveyed this past March indicates that, with regards to calculating taxes on their crypto-related activities, 84% of respondents are not completely confident they have the necessary know-how, CoinTracker said. The collected data is testimony to the widespread confusion surrounding crypto taxes.

Given a list of possible crypto-related situations that require paying income tax, a mere 3% of respondents got all answers correct, and 97% had at least one wrong answer. Among others, 58% do not realize they should pay taxes when trading one type of cryptoasset for another, and 64% ignore the same applies when using crypto to purchase a good or service.Among others, 40% of the surveyed crypto owners do not know paying taxes is required for selling crypto for fiat currency. A further 48% do not know that selling or trading a non-fungible token (NFT) is a taxable event, the firm said.

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Published at:- First Mover Americas: Bitcoin Slips at End of Strong Week, Huobi Founder in Talks to Sell Majority Stake Published at:- Central Banks can safely invest in Bitcoin with BlackRock’s Bitcoin Private Trust; says DCG Founder Published at:- 6 WAYS TO MAKE MONEY WITH CRYPTOCURRENCY IN 2022 Published at:- What is fiat money? or What are cryptocurrencies? Published at:- Difference Between Fiat Money and Cryptocurrencies Fiat Money? Published at:- Why Is Blockchain Important For Gamblers? Or The Future Of Blockchain And Bitcoin Blockchain Published at:- Understanding the Different Types of Cryptocurrency Published at:- How Many Cryptocurrencies Are There? Published at:- What is Ethereum (ETH) and how to work with ethereum ? Published at:- What is Tether and what is the use of Tether Published at:- What is USD Coin USDC and which type of coin is this Published at:- What is Binance Coin BNB and which type of coin is this Published at:- What is Dogecoin DOGE and which type of altcoin is this Published at:- What is Polkadot DOT and how it works Published at:- Whale Spends 10000 BTC Worth doollar203M, Bitcoins Stem From the Infamous 2011 Mt Gox Hack Published at:- Flare Network and Lena Instruments launch new crowd funding mechanism Published at:- Australia Issues White Paper for Central Bank Digital Currency Published at:- Elon Musk Vows to Step Down as Head of Twitter Edward Snowden Tosses His Name in the Cap for President Published at:- Bitcoin Binance Coin Helium and Holo Everyday Value Investigations -22 December Published at:-
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