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                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h284">The reason behind their silence</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h356">Tax dodges facing the wrath of the IRS</a></li></ul>
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    2018 was undoubtedly painful for cryptocurrency enthusiasts, and it’s getting even worse when it comes to paying their taxes. However, according to a new CNBC <a rel="nofollow" target="_blank" href="https://www.cnbc.com/2019/01/30/many-bitcoin-investors-dont-plan-on-reporting-their-losses-to-the-irs.html">report</a>, half of investors remain unbothered given that they are not planning to report their losses to the IRS.
    
    <a rel="nofollow" target="_blank" href="#-based-accounting-firm-asks-irs-to-update-its-guidelines-on-crypto-taxation">card</a>
    
    The reason behind their silence
    
    Investors could be reluctant to report their losses to the US tax authority given that they don’t whether they are eligible for a Bitcoin tax refund. Selva Ozelli also points out that their reluctance to report losses might be inextricably connected to them failing to pay <a rel="nofollow" target="_blank" href="#">taxes</a> on their crypto gains. Regardless, of their intentions, the rule of thumb is to report all asset sales given that IRS isn’t able to determine how <a rel="nofollow" target="_blank" href="#">profitable</a> the sale was.
    
    Tax dodges facing the wrath of the IRS
    
    Ex-federal tax prosecutor Kevin F. Sweeney also says that crypto investors could find themselves in a serious predicament by not being transparent with <a href="https://u.today/irs-educating-themselves-on-bitcoin-to-chase-down-tax-evaders">the IRS</a>. The agency has been very clear about clamping down on any unreported crypto, and it’s currently accumulating the necessary data and resources to go after tax dodgers. For instance, software company Chainalysis, one the their recent hires, is tracking ‘the movement of money’ in the crypto economy.
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                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h284">The reason behind their silence</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h356">Tax dodges facing the wrath of the IRS</a></li></ul>
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    2018 was undoubtedly painful for cryptocurrency enthusiasts, and it’s getting even worse when it comes to paying their taxes. However, according to a new CNBC <a rel="nofollow" target="_blank" href="https://www.cnbc.com/2019/01/30/many-bitcoin-investors-dont-plan-on-reporting-their-losses-to-the-irs.html">report</a>, half of investors remain unbothered given that they are not planning to report their losses to the IRS.
    
    <a rel="nofollow" target="_blank" href="#-based-accounting-firm-asks-irs-to-update-its-guidelines-on-crypto-taxation">card</a>
    
    The reason behind their silence
    
    Investors could be reluctant to report their losses to the US tax authority given that they don’t whether they are eligible for a Bitcoin tax refund. Selva Ozelli also points out that their reluctance to report losses might be inextricably connected to them failing to pay <a rel="nofollow" target="_blank" href="#">taxes</a> on their crypto gains. Regardless, of their intentions, the rule of thumb is to report all asset sales given that IRS isn’t able to determine how <a rel="nofollow" target="_blank" href="#">profitable</a> the sale was.
    
    Tax dodges facing the wrath of the IRS
    
    Ex-federal tax prosecutor Kevin F. Sweeney also says that crypto investors could find themselves in a serious predicament by not being transparent with <a href="https://u.today/irs-educating-themselves-on-bitcoin-to-chase-down-tax-evaders">the IRS</a>. The agency has been very clear about clamping down on any unreported crypto, and it’s currently accumulating the necessary data and resources to go after tax dodgers. For instance, software company Chainalysis, one the their recent hires, is tracking ‘the movement of money’ in the crypto economy.
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Crypto Investors Hiding Their Losses From IRS En Masse. That Can Lead to Serious Consequences

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Wed, 30/01/2019 - 18:45
Crypto Investors Hiding Their Losses From IRS En Masse. That Can Lead to Serious Consequences
Cover image via U.Today
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Contents
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2018 was undoubtedly painful for cryptocurrency enthusiasts, and it’s getting even worse when it comes to paying their taxes. However, according to a new CNBC report, half of investors remain unbothered given that they are not planning to report their losses to the IRS.

card

The reason behind their silence

Investors could be reluctant to report their losses to the US tax authority given that they don’t whether they are eligible for a Bitcoin tax refund. Selva Ozelli also points out that their reluctance to report losses might be inextricably connected to them failing to pay taxes on their crypto gains. Regardless, of their intentions, the rule of thumb is to report all asset sales given that IRS isn’t able to determine how profitable the sale was.

Tax dodges facing the wrath of the IRS

Ex-federal tax prosecutor Kevin F. Sweeney also says that crypto investors could find themselves in a serious predicament by not being transparent with the IRS. The agency has been very clear about clamping down on any unreported crypto, and it’s currently accumulating the necessary data and resources to go after tax dodgers. For instance, software company Chainalysis, one the their recent hires, is tracking ‘the movement of money’ in the crypto economy.

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