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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Is The Crypto Industry Ready For Tax Regulation? Survey Shows

Ronaldo Marquez
Ronaldo Marquez
2 years ago
3 mins read
Crypto

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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For federal tax purposes, crypto assets are treated as property, which could be counterproductive for investors in the United States. Although digital assets are a relatively new type of investment, the Internal Revenue Service (IRS) in this country has worked hard to enforce tax compliance. 

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A survey conducted by CoinLedger summarized the percentage of U.S. investors in the space who are aware of the new standards and regulations from the government and how many are reporting their taxes.

Do Crypto Investors Report Taxes?

305 US citizens were sampled with the survey conducted by CoinLedger and carried out by YouGov. The percentage of investors reporting crypto on their taxes was 58% in 2022, between the unprecedented crisis and bankruptcies that enveloped the industry. 

31% of crypto investors said they didn’t report taxes on last year’s gains. Moreover, 50% of the investors who didn’t file their taxes said that the main reason for not filing was that they “didn’t make a profit on crypto assets.”

Most investors surveyed could not correctly identify taxable and non-taxable crypto transactions as defined by IRS standards. However, 38% of investors were able to identify crypto-to-crypto trades as taxable correctly.

In addition, 59% of crypto investors surveyed said they were prepared for tax season, while 49% said they felt unprepared. 

Many investors agreed with the statement, “I wish cryptocurrency exchanges gave me more information to help me file my taxes,” representing 68% of the citizens surveyed in the report.

Crypto
Stats of cryptocurrency investments on taxes. Source: CoinLedger

According to CoinLedger’s research, crypto tax reporting has steadily increased as the industry matures. In 2018, Credit Karma found that only 0.04% of its users reported digital assets on their taxes, a significant increase in tax reporting by crypto investors compared to last year.

Are Investors Educated On Tax Reports?

65% of investors correctly identified that selling cryptocurrency is a taxable event, while only 38% of investors correctly identified that a crypto-to-crypto trade is a taxable event, according to the survey’s data. 

To CoinLedger, this seems to imply that many crypto investors are inaccurately reporting their cryptocurrency taxes simply because they are unaware of what constitutes a “taxable sale.” CoinLedger Stated in the report:

(…) It’s clear that more education is necessary to help investors better understand how to accurately report their taxes. Here at CoinLedger, we’ve published free guides, articles, and videos to help investors better understand how to accurately report their crypto taxes.

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For CoinLedger, crypto tax reporting rates will likely increase as the cryptocurrency ecosystem matures. Over time, investors will become more knowledgeable about how their transactions are taxed and gain access to tax reporting resources.

Crypto
Bitcoin forms a range in the 4HR chart. Source: BTUSDT TradingView

Bitcoin is currently trading at $22,800. It has not yet been able to climb to its next target of $24,200. Bitcoin has fallen 1.7% in the past 24 hours, moving between $22,800 and $23,200. 

The largest cryptocurrency by market capitalization is down 1.3% in the last 7 days but still able to maintain its stats in the green land in the last 30 days with a profit percentage of 33.7%.

Featured image from Unsplash, Image from CoinLedger, Chart From TradingView.

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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