According to a survey by cryptocurrency tax reporting platform CoinLedger 50% of US crypto investors have paid taxes on crypto. An additional 20% said they didn’t know how to report crypto on their tax returns and another 25% said they didn’t know crypto was taxable.
Only 15% of respondents to CoinLedger’s survey claimed to intentionally avoid paying taxes.
Other difficulties reported by crypto investors is that they had trouble keeping track of their capital gains and losses or lacked the software tools to properly account for crypto transactions.
“Multiple factors continue to greatly impact investors’ ability to track and report taxes on their digital assets accurately,” said David Kemmerer, CEO, and Co-Founder of CoinLedger. “While ‘confusion’ is not a valid reason for avoiding paying your taxes, it has become a reality for digital asset investors.”
A November 2021 study by the Pew Research Center revealed that 16% of Americans has at one moment or another used crypto currencies.