Will cryptocurrency traders suddenly be taxed?

According to a Bloomberg interview, the Intuit Director predicted that crypto traders would have a hard time this tax season, and it turned out to be true.

Crypto investors will be taxed this season

According to a Bloomberg interview, the CEO of Intuit said that all traders dealing with cryptocurrencies are transparent, so they will be taxed, which causes fear for new investors when they do not know how to get this.

“Many crypto investors have piles of documents covering all of their transactions. They can’t figure out what this means for my taxes – so it creates fear, no certainty and doubt.”

Goodarzi told Bloomberg earlier this week.

Intuit, the maker of TurboTax and other consumer finance software, has calculated that customers filing crypto transactions with their tax returns will quadruple this financial year, the report said. Goodarzi said the company would work to educate its customers about the impact of taxes on investments.

Traders will probably be taxed a lot, maybe all their money, but they don’t fully understand what this means.

“I think most of these people are hurting even more now – last year, it was all the money they could have made and not understanding the meaning. Now some of that might be the other impact – how much are they losing.”

Goodarzi said Tuesday after Intuit’s earnings were announced.

Goodarzi said the company would work to educate users throughout the year about the impact of taxes on investments.

Is taxing crypto investors applicable when transactions can be recorded transparently, but the wallet addresses of traders cannot be verified clearly?

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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