Swedish Crypto Trader Gets $1,000,000 Tax Bill

Swedish trader gets $1m tax bill. Learn more from TokenTax: Import your crypto trading from any exchange and export the required bitcoin tax forms.

Zac McClure
ByZac McClure, MBAUpdated on April 28, 2022 · minute read

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According to Blocktribune, Swedish trader Linus Dunker got a tax bill from Swedish authorities amounting to $1,000,000. This amounts to 300% of the actual profits he made from crypto. Why did this happen? Apparently, he did not report his crypto trades to the Swedish tax authorities since he began trading in 2014.

The Swedish authorities decided to tax at zero cost basis, meaning all of his sales appeared as full gains, which led to a very high profit number.  Given his tens of thousands transactions, it may be very difficult for him to find all the data he needs to rectify this issue.

This is the exact problem we solve with TokenTax. We make it possible for crypto traders to find their cost basis and calculate their capital gains easily. We can even help you report previous tax years you may have missed.

Unfortunately, this is not a situation isolated to Sweden. Tax authorities around the world are using tools like Chainalysis and/or tax reports from crypto exchanges to target crypto traders who do not report.

TokenTax is a tool built by accountants and engineers to make tax filing easy. We even offer services to assist with any possible tax audit you may encounter in the future.

To stay up to date on the latest, follow TokenTax on Twitter @tokentax.

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Zac McClure
Zac McClureCo-Founder at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.

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