The SHOCKING Truth About Crypto Taxes: 99.5% of Crypto Investors Skipped Tax Payments – 247

Is a study that claims 99.5 percent of Crypto investors did not pay taxes in 2022 Finland and Australia had the highest Proportion of tax paying crypto Investors while the United States raked 10th on the list according to the study Swedish crypto tax firm divley has Released a new report that estimates Only 0.53 percent of crypto investors Globally paid tax on their crypto in 2022 however tax experts have cast doubt On the figures in methodology published On April 5th the devly report came up With the estimate for analyzing the Relationship between the number of People who declared cryptocurrency in Their tax returns and the search volume For crypto tax related keywords in Various countries it also used the Number of crypto holders in each country According to statista's stat statistics Yeah Global cryptocurrency report in its Calculations the report estimates that Finland has the highest proportion of Crypto investors who paid the required Tax on crypto 2022 at four percent with Australia following closely behind with A 3.65 percent the United States ranks 10th on the list with an estimated 1.62 Percent of crypto holders paying taxes While India Indonesia and the Philippines had lower tax rates of tax Paying crypto investors at just point

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Seven percent 0.04 and 0.03 percent Respectively 0.07 percent for in Indonesia or India excuse me and Speaking of that of course India has Also been coming down really hard on Cryptocurrency in general It's kind of one of those gray areas to Even possess cryptocurrency in India and It has been for quite some time even Since the previous Bull Run and if You're going to demonize something as a Government you're probably going to push People to not report that type of Activity right it's like what do you get More trouble for it's funny because like We see with the you know the IRS Announcing that you know it's for stolen Property you need to report that so that You you know actually pay taxes on Stolen property but everybody knows that Like people that steal stuff aren't Going to want to do that because that's Just admitting fault right so And if if it's against the societal Norms for you to participate within any Sort of Realm it's going to push that Way I would actually like to see a Comparison to things like marijuana Right and marijuana production uh sales And all of that and what the actual tax Percentages are on that another Factor Here that's important to note is that we Haven't really actually hit the deadline Date in the United States for reporting

Your taxes right that's one thing Another thing to that is if we're Specifically talking about paying taxes In general It's important to note that if you've Just purchased the cryptocurrency and it Was going down the entire year you were Probably a lot less likely to actually Sell that cryptocurrency and even if you Did the likelihood that it was at a loss Means that you would not actually pay Taxes on that capital gains but you Would file a loss on those capital gains Which of course they've limited to three Thousand dollars for an individual Because I don't really know why Um talk to your CPA about that as well Very very Backwards in my humble opinion but It is what it is There's too many factors to say that Right if the rates were higher for 2021 The rates were probably higher in 2021 Because more people actually profited Off of the purchasing and selling of Cryptocurrency and therefore you Actually had taxes to pay but let's see If they have any more insight here the Methodology used to arrive at the Estimates is questionable the report Itself qualifies the result by noting That search volume data may not Accurately reflect the actual number of

Crypto taxpayers as not everyone who Pays tax searches for crypto tax related Information online another assumption in The methodology was that the number of Searches related to crypto tax reporting Did not vary across different countries Additionally it cautioned that there Could be a potential bias toward Countries with greater internet Accessibility and more accurate search Volume data Danny talwar towel War Global head of tax at tax software Coinly disputed the large portion of Crypto investors not paying tax that the Report suggests he told coin Telegraph Quote it is likely that 99.9 or 99.5 Percent is not reflective of countries That have specific crypto tax guidance And strict compliance requirements such As the US Canada Australia and India Chartered account accountant Greg Valleys or Vayas Or is it valleys uh anyways a board Member of blockchain Australia also said He would not be able to say conclusively That the methodology is 100 accurate Both tax Specialists noted government Data matching and surveillance efforts Meant it was getting progressively more Difficult to avoid crypto taxes Valley Says that as government technology gets More sophisticated and specialized it Will become easier to detect anyone that

Is not complying and warned that those Who fail to report their crypto profits Now risk it catching up with them in Future years tall War emphasized that Although the risk of non-compliance for Crypto is comparatively higher than Other asset classes tax authorities in Many countries have processes in place To obtain data from crypto exchanges he Added that coinly had seen awareness of Crypto tax increase considerably among Investors in these jurisdictions with Only 15 percent of surveyed crypto Investors being unaware of crypto tax Reporting duties now I will say this in General just because I think it's Important the ease of tracking is Directly related to centralized Exchanges which means if you really want To protect your assets you want to mine Cryptocurrency because that gives you The Virgin cryptocurrency I'm not saying Don't report that virgin cryptocurrency But if it's being tracked by the Government it can be tracked by others As well and this means that you put Yourself at more risk purchasing Cryptocurrency through a centralized Exchange especially something like Coinbase Etc then you are at purchasing A piece of mining hardware and Mining it To a wallet that's never been touched by Any of that sort of thing because kyc And if we are talking about moving into

The future yes this does align with Cypherpunks the fact of the matter is is That like for your own Financial Freedom And autonomy it's important to make sure That you stand up for your right to Privacy as it pertains to your finances And to cryptocurrency and the thing is Is if you're doing nothing wrong and Reporting what you need to report and Paying your taxes then there should be No reason for them to track you in my Humble opinion so I do lean towards that From the mining perspective as being an Important factor especially when we Start to talk about things like Confiscation of cryptocurrency because As we saw with the sell-off of the Bitcoin by the US government that was Basically taken from Silk Road if you Had a wallet that had purchased through A centralized exchange that had some Bitcoin from Silk Road and then that Wallet that you had was doxed the Government technically has capabilities To confiscate that right and you didn't Do anything wrong you just purchased Some Bitcoin right but now your Bitcoin's confiscated and they're Selling it off Right That's it's just crazy so that that's All the reasoning behind that thanks for Checking out this clip from the crypto Mining show you can check out the full

Episode here or more crypto content down Here also I'd like you to check out my Locals page at son of a Where you can become a member for free Or choose to be a five dollar a month Supporter that unlocks additional Content

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