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.

Latest Posts

Market Talk – September 6, 2024

ASIA: The major Asian stock markets had a mixed day today: • NIKKEI 225 decreased 265.62 points or -0.72% to 36,391.47 • Shanghai decreased 22.51 points or -0.81% to 2,765.81 [...]
Read more

The Jobs Number & Russia

The U.S. economy added fewer-than-expected new jobs last month because most economists still refuse to comprehend that there is such a thing as the business cycle. Here we have the [...]
Read more

PRIVATE BLOG – Answering Your Questions

PRIVATE BLOG – Answering Your Questions Private blog posts are exclusively available to Socrates subscribers. To sign-up for Socrates or to learn more, please visit Ask-Socrates.com. https://ask-socrates.com/
Read more