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2019 IRS Tax forms asks if you earned or own cryptocurrency

themarkymark(81)
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#taxes
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2020-01-10 16:38

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On the new 2019 tax forms the IRS specifically asks if you have crypto with the following question:

At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in virtual currency?

Never before has the IRS directly asked this question and it now creates a legal document where you directly have to confirm if you have or don't have crypto. This will likely give the IRS more power to prosecute those who deny having crypto much less fail to report.

It is well known the IRS is aggressively pursuing technology to track crypto transactions and identify owners.

Earlier in 2019 the IRS sent over 10,000 letters educating tax payers on their responsibility to report crypto gains.

The IRS has an official documentation on cryptocurrency document available online.

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2020-01-10 16:38
themarkymark(81)
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