Market Talk – April 25, 2024
ASIA: The major Asian stock markets had a mixed day today: NIKKEI 225 decreased 831.60 points or -2.16% to 37,628.48 Shanghai increased 8.08 points or 0.27% to 3,052.90 Hang [...]
Cryptocurrency Maybe Become a Tax Nightmare
Credit Karma is reporting that of the first 250,000 tax filings, less than 100 people reported owning any cryptocurrency. Credit Karma is reporting that only 0.04% of cryptocurrency-traders are paying taxes to Uncle Sam.
The dangerous aspect here is the IRS got over 20,000 names from the exchanges and they will match their accounts to tax returns. Anyone who thinks this is an alternative currency that circumvents taxes and the central banks will have a new reality after April 15th. They will know everyone who has bought or sold any cryptocurrency.
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