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US Crypto Investors Incurred $5.7 Billion in Unrealized Losses Last Year

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The results of a survey published by Credit Karma estimate that crypto investors in the U.S. realized losses of approximately $1.7 billion during the one-time tax season. Additionally, the report finds that U.S. investors incurred a further $5.7 billion in unrealized losses.

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US Cryptocurrency Investors Realized $1.7B in Losses During 2018

According to a contemplate conducted by Credit Karma, investors based in the United States realized a combined loss of roughly $1.7 billion during 2018, equating to an ordinarily of $718 per person. The participants comprised 1,009 U.S. cryptocurrency investors aged 18 or older who were questioned during November 2018.

US Crypto Investors Incurred $5.7 Billion in Unrealized Losses Last Year

The inspection found that only 53 percent of investors had decided that they would report their cryptocurrency pays and losses on their tax returns. A further 19 percent of participants stated that they had not yet decided whether they will-power report the performance of their cryptocurrency investments.

According to the report, 59 percent of profitable traders intended to backfire their returns, whereas only 38 percent of investors who lost money during the previous financial year envisaged to do so.

More Than Half of US Investors Unaware of Tax Deductions on Crypto Losses

The survey found that 58 percent of respondents were not conscious they can claim tax deductions on cryptocurrency losses, including 61 percent of investors who had realized losses during the earlier tax season.

US Crypto Investors Incurred $5.7 Billion in Unrealized Losses Last Year

The report also estimated that U.S. investors had incurred $5.7 billion in unrealized losses, suggesting that varied opportunities to claim tax deductions have been missed by American cryptocurrency traders.

Of the respondents that stated they would not announce the performance of their cryptocurrency portfolio, 35 percent were not aware that they are required to do so, and 55 percent conjectured that they were not required to due to how small their gains or losses were.

Are you surprised by how few U.S. cryptocurrency investors were knowledgeable of their reporting requirements? Share your thoughts in the comments section below!


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