Hardly Anyone Is Paying Taxes on Their Bitcoin Gains as Filing Deadline Nears

Posted by Megalith 4:00 PM (CDT)

Sunday April 15, 2018

Credit Karma has revealed that less than 100 people (out of 250,000 filers) have reported their Bitcoin holdings thus far to the IRS, despite the looming April 17 tax filing deadline. Some say that reporting cryptocurrency gains is more complex, so the sparse number is due to stragglers. Others insist that they just don’t care.

"If I had to guess, there's probably a lot of underreporting," said Elizabeth Crouse, a Seattle-based partner at law firm K&L Gates. "Most of the people in the cryptocurrency world tend to have a pretty high risk tolerance." That means they're likely more willing to risk the chance the IRS comes knocking.