Majority Of Crypto Investors Still Aren’t Ready To File Their Taxes, Survey Finds
As we reach the final date of paying our taxes, it is found that many of the taxpayers have remained ignorant of their duties. It is being assumed that this negligence in paying taxes may be an awareness of the levied taxes on cryptocurrencies. Tax professional Matt Metras suggested that investors must pay attention to this subject.
According to the report prepared by coin tracker, which is a platform that provides updates about cryptocurrencies, It has come to notice that as we reach 18 April, the date which is the last day to submit currency taxes, a vast number of investors resisted from paying the taxes. And the reporting of March says that more than 95% of the investors did not report their investments, while others were not willing to do so.
According to Shehan Chandrasekara, tax strategist at Cointracker, humour and misconceptions about crypto taxing have made the situation more complex. The investors don’t know which investments could be taxed and which cannot be taxed. Most individuals find it challenging to acknowledge the tax responsibilities of their transactions.
Matt Metras, designated as an agent and tax professional for cryptocurrencies at MDM financial services located in New York, says that they have consistently noted the unawareness about the subject that if they convert their cryptocurrency into dollars, there won’t be any liability to pay taxes.
You may confront gains and losses on the selling and purchasing of cryptocurrencies. Your net gain or loss would be dependent on the variation between the price you are selling and the price you have bought the currency. Your profit percentage may vary between 0 to 20% if you held the currency for a period longer than one year, but contrary to that, if you held the currency for less than one year, it may bring losses to you with taxes more than 35%.
Investors’ feedback about their purchase and sale of currencies will be collected from investors in this session. According to Matt Metras, it may be difficult for us to count your liabilities because of legal formalities accurately. We should look upon a professional to guide us for the same.