{"id":368249,"date":"2019-01-15T20:00:15","date_gmt":"2019-01-15T20:00:15","guid":{"rendered":"https:\/\/uniquehot.com\/?p=368249"},"modified":"2019-03-11T20:38:36","modified_gmt":"2019-03-11T20:38:36","slug":"crypto-losses-bitcoin-tax-law","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-losses-bitcoin-tax-law\/","title":{"rendered":"Confusing U.S. Tax Laws Lead to $5 Billion In Unrealized Crypto Losses"},"content":{"rendered":"

Last year, the crypto community pointed fingers at tax payers liquidating assets in order to cover inflated tax bills due to the substantial gains realized during the 2017 Bitcoin bull run as among the chief reasons<\/a> the bear market had begun.<\/span><\/p>\n

In 2018, however, the inverse happened, and most cryptocurrency investors suffered massive losses as the price of Bitcoin<\/a> and other cryptocurrencies fell by as much as 80-90% in most cases. With tax season rolling around again, investors should be liquidating assets in order to lock in realized losses that can be claimed on an individual\u2019s taxes, offsetting other aspects of the individual\u2019s tax bill, or possibly leading to a return.<\/span><\/p>\n

However, new data reveals that only 34% of losses American cryptocurrency investors saw in 2018 have been realized, suggesting that most Americans don\u2019t understand crypto-related tax laws, and don\u2019t realize they can claim the losses on their taxes.<\/span><\/p>\n

Nearly Two-Thirds of American Crypto Losses Could Go Unrealized<\/span><\/h2>\n

According to credit monitoring services company Credit Karma, United States citizens have suffered losses related to their cryptocurrency investments to the tune of $5 billion. However, only about a third of those $5 billion in losses will be realized losses, or roughly $1.7 billion.<\/span><\/p>\n

When an individual American tax payer invests in a cryptocurrency, a cost basis is established for tax purposes. Selling an asset also triggers a taxable event. How much that asset has appreciated \u2013 or in the case of the 2018 bear market that is still currently ongoing, how much that asset has depreciated \u2013 at the time it is sold, determines what the individual is responsible for tax-wise. If an asset is never sold, the gains or losses are only paper gains and losses, meaning they cannot be claimed on an individual\u2019s taxes, but may still be reflected in one\u2019s portfolio.<\/span><\/p>\n

Related Reading | U.S. Lawmakers Ask IRS for Clarity on Crypto Tax Laws<\/a><\/strong><\/em><\/p>\n

The data suggests that either Americans don\u2019t understand that assets must be sold to trigger the taxable event and lock in unrealized losses that can be claimed on their taxes, or the HODL mentality has made it so they simply won\u2019t sell their assets for any reason \u2013 not even to lock in unrealized losses for tax reasons.<\/span><\/p>\n

Credit Karma general manager Jagjit Chawla says it\u2019s the former<\/a>. <\/span><\/p>\n

\n

\u201cEven though those who sold their bitcoin at a loss can typically claim a tax deduction we found that before taking our survey, 61% of respondents who lost money on bitcoin didn\u2019t actually realize they could get a tax deduction for bitcoin losses,\u201d he explained. <\/span><\/p>\n<\/blockquote>\n

The survey revealed that respondents were confused in general<\/a>, with more than half believing their losses were too small to make an impact, while others didn\u2019t even know they were required to file their cryptocurrency losses on their taxes. Not doing so could lead to severe penalties. Some claimed they didn\u2019t even know how to file their crypto losses.<\/span><\/p>\n

U.S. Crypto Tax Law Is Complicated, Varies By Duration of HODL<\/span><\/h2>\n

Complicating things further, in the United States, cryptocurrencies are treated as property<\/a> and are subject to capital gains tax the same way real estate is. Capital gains tax rates vary by income levels, and are classified as \u201cshort-term\u201d and \u201clong-term\u201d depending on how long the asset has been held by the owner. Each classification also has different rates.<\/span><\/p>\n

Related Reading | Former U.S. Representative Ron Paul Pushes for Crypto Tax Exemption<\/a>\u00a0<\/strong><\/em><\/p>\n

Locking in realized cryptocurrency losses could allow war-torn investors to claim up to $3,000 in losses on their tax bills. Losses exceeding $3,000 can be carried over into the following tax year. Investors can also use carried over losses to offset potential tax gains on next year’s tax bill, if the cryptocurrency market eventually turns around and a new bull run begins this year.<\/span><\/p>\n

When investing in cryptocurrencies, be sure to also speak to a certified public accountant that is well-versed in capital gains tax law, and at least has a familiarity of cryptocurrencies. Given how new the technology and asset class, this may be like finding a needle in a haystack, but considering how important taxes are to any individual, knowing your cryptocurrency taxes are handled properly is worth the extra effort.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Last year, the crypto community pointed fingers at tax payers liquidating assets in order to cover inflated tax bills due to the substantial gains realized during the 2017 Bitcoin bull run as among the chief reasons the bear market had begun. In 2018, however, the inverse happened, and most cryptocurrency investors suffered massive losses as the price of Bitcoin and other cryptocurrencies fell by as much as 80-90% in most cases. With tax season rolling around again, investors should be liquidating assets in order to lock in realized losses that can be claimed on an individual\u2019s taxes, offsetting other aspects of the individual\u2019s tax bill, or possibly leading to a return. However, new data reveals that only 34% of losses American cryptocurrency investors saw in 2018 have been realized, suggesting that most Americans don\u2019t understand crypto-related tax laws, and don\u2019t realize they can claim the losses on their taxes. Nearly Two-Thirds of American Crypto Losses Could Go Unrealized According to credit monitoring services company Credit Karma, United States citizens have suffered losses related to their cryptocurrency investments to the tune of $5 billion. However, only about a third of those $5 billion in losses will be realized losses, or roughly $1.7 billion. When an individual American tax payer invests in a cryptocurrency, a cost basis is established for tax purposes. Selling an asset also triggers a taxable event. How much that asset has appreciated \u2013 or in the case of the 2018 bear market that is still currently ongoing, how much that asset has depreciated \u2013 at the time it is sold, determines what the individual is responsible for tax-wise. If an asset is never sold, the gains or losses are only paper gains and losses, meaning they cannot be claimed on an individual\u2019s taxes, but may still be reflected in one\u2019s portfolio. Related Reading | U.S. Lawmakers Ask IRS for Clarity on Crypto Tax Laws The data suggests that either Americans don\u2019t understand that assets must be sold to trigger the taxable event and lock in unrealized losses that can be claimed on their taxes, or the HODL mentality has made it so they simply won\u2019t sell their assets for any reason \u2013 not even to lock in unrealized losses for tax reasons. Credit Karma general manager Jagjit Chawla says it\u2019s the former. \u201cEven though those who sold their bitcoin at a loss can typically claim a tax deduction we found that before taking our survey, 61% of respondents who lost money on bitcoin didn\u2019t actually realize they could get a tax deduction for bitcoin losses,\u201d he explained. The survey revealed that respondents were confused in general, with more than half believing their losses were too small to make an impact, while others didn\u2019t even know they were required to file their cryptocurrency losses on their taxes. Not doing so could lead to severe penalties. Some claimed they didn\u2019t even know how to file their crypto losses. U.S. Crypto Tax Law Is Complicated, Varies By Duration of HODL Complicating things further, in the United States, cryptocurrencies are treated as property and are subject to capital gains tax the same way real estate is. Capital gains tax rates vary by income levels, and are classified as \u201cshort-term\u201d and \u201clong-term\u201d depending on how long the asset has been held by the owner. Each classification also has different rates. Related Reading | Former U.S. Representative Ron Paul Pushes for Crypto Tax Exemption\u00a0 Locking in realized cryptocurrency losses could allow war-torn investors to claim up to $3,000 in losses on their tax bills. Losses exceeding $3,000 can be carried over into the following tax year. Investors can also use carried over losses to offset potential tax gains on next year’s tax bill, if the cryptocurrency market eventually turns around and a new bull run begins this year. When investing in cryptocurrencies, be sure to also speak to a certified public accountant that is well-versed in capital gains tax law, and at least has a familiarity of cryptocurrencies. Given how new the technology and asset class, this may be like finding a needle in a haystack, but considering how important taxes are to any individual, knowing your cryptocurrency taxes are handled properly is worth the extra effort.<\/p>\n","protected":false},"author":517,"featured_media":368254,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,2522,16330,4066,4287],"class_list":["post-368249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-irs","tag-tax-law","tag-taxes","tag-united-states"],"acf":[],"yoast_head":"\nConfusing U.S. Tax Laws Lead to $5 Billion In Unrealized Crypto Losses<\/title>\n<meta name=\"description\" content=\"New data reveals that only 34% of the losses U.S. Bitcoin and crypto 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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