A tiny fraction of Americans are reporting their cryptocurrency transactions to the Internal Revenue Service, according to a study from Credit Karma Tax.
Fewer than 100 of 250,000 federal tax returns prepared and filed so far this year through the company have filed a Form 8949 for cryptocurrency gains and losses, Credit Karma said Tuesday. That’s less than 0.0004 percent of filers.
“Generally, Americans with more complex tax situations file later in the tax season, especially if they expect that they’ll owe money,” Credit Karma Tax General Manager Jagjit Chawla said in a statement. “However, given the popularity of Bitcoin and cryptocurrencies in 2017, we’d expect more people to be reporting.”
The company said 52 percent of their filers this tax season are millennials, and…