Only 0.04% Reported Crypto To IRS For 2017 in the US

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Out of those, whom already filed their federal tax returns for 2017, only 0.04% reported cryptocurrency related transactions to the IRS (Internal Revenue Service) according to Reuters.

Such small percentage of cryptocurrency filers isn’t that much of a surprise, as those with “more complex tax situation” tend to file their returns a little later in the tax season.

Still – considering the massive rise of cryptocurrencies during 2017, such low amount can be surprising.

The deadline to submit tax returns in the United States, is April 17th.

A Property?

The IRS treats cryptocurrency as property. It is because of that, that the IRS considers sale, trade and cryptocurrency mining as taxable. That in turn, makes it difficult to accurately report the cryptocurrency gains and loses.

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