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Even Crypto’s can’t escape taxes!
Credit Karma, a U.S personal financial service reported that 0.04% of people who filed their tax returns this year reported revenue from Cryptocurrency transactions.
Now, it is not surprising that Governments consider trading Cryptocurrencies as a taxable event; and considering the amount of volume of trading, they were expecting a higher result.
What to do when you’re the U.S. Government waiting for the tax returns? Hard to know who is doing what without a centralized system and regulation. Oh, wait….that’s in the works. I guess the old adage that the only thing certain in life is Death and taxes is true.
BTW, here is a little tidbit for you ….did you know that federal taxes were supposed to be a temporary measure? Introduced during the war?
Let me know what you think?
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