Short-Term Crypto Losses Surged Fivefold in 1st Month of 2019: Credit Karma Tax

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The amount of Credit Karma Tax filers that reported short-term crypto losses in the first month of 2019 surged more than fivefold over the same period in 2018, the firm revealed on April 3.Credit Karma Tax, a tool launched by San Francisco-based personal finance firm Credit Karma back in 2016, offers a free tax filing service that can be used to report gains or losses from trading cryptocurrency.Today, Credit Karma released a comparative report of capital crypto gains and losses on federal taxes between Jan. 28 and Feb. 22, 2019, compared to those who filed their 2017 federal income taxes with Credit Karma Tax between Jan. 29 and Feb. 23, 2018.According to the report, the number of Credit Karma Tax filers who reported short-term capital crypto losses in the first month of the 2019 filing season soared by 521%.A short-term gain or loss takes place when an investor sells an…

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