All of the transaction data for Bitcoin and other cryptocurrencies are stored in a public ledger known as Blockchains. The tax office has been admitted generous access to bank transfers and other data, which enables identifying people. By matching the transfers it is evident that in the past most citizens have not reported profits made with virtual currencies.
Source: metropolitan.fi
Credit Karma Tax, the tax prep branch of the popular credit score site, said April 13 that fewer than100 of the 250,000 most recent tax filers through the servicehave reported cryptocurrency transactions. One of the biggest questions this tax season has been the impact that last year’s cryptocurrency boom would have on filers across the U.S. In 2017, cryptocurrencies became among the very trendiest investment (or speculation, depending upon your perspective) opportunities.
Last week, the Frankfurt School of Finance & Management hosted CryptoTax for a seminar on the German taxation regime. The webinar recording is available on YouTube (in German only), and the key points have been summarized here for the benefit of a global audience.
Source: medium.com