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The affinity that younger Americans have for crypto is clear as day in new research on their 2021 federal income tax returns.
Among single individual filers, 4.5% of millennials reported taxable crypto transactions last year — a higher share than any other generation, according to a report from tax prep software provider TurboTax.
© Provided by Money.com What the research saysThe percentage of people who reported taxable crypto transactions was much smaller than the share of Americans who say they have made crypto transactions in general.
Overall, 2.9% of tax filers included crypto in their 2021 returns. TurboTax compared that figure to a Pew Research Center survey in which 16% of U.S. respondents said they had invested in, traded or used a cryptocurrency.
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The next stepCrypto tax reporting rules have changed for the 2023 filing season.
Millennials are reporting crypto transactions on their taxes to a greater degree than other generations. But even among millennials, the fraction of filers who are reporting crypto transactions is tiny.
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