Swedish crypto trader gets $1,000,000 tax bill
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.
TokenTax does the work so you don’t have to.
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