RATE Group | Cryptocurrency Question On IRS Schedule 1 : “Sell” Category
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Cryptocurrency Question On IRS Schedule 1 : “Sell” Category

28 Dec Cryptocurrency Question On IRS Schedule 1 : “Sell” Category

Posted at 20:11h in Cryptocurrency News by

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In this post, we will take a deep dive into what’s covered under the “sell” category of the crypto question on Schedule 1 and outline taxable and non-taxable transactions. Note that almost all cryptocurrency sales are taxable and would require you to check “yes” on crypto question on Schedule 1. For those of you who are still wondering why you have to answer the “crypto question” when you file for taxes, check out why the IRS included it here.

The following transactions would fall under the “sell” category on crypto question. Some are obvious and some are not.

  1. Selling crypto assets in exchange for USD – Selling cryptcurrencies and receiving USD is probably the most common transaction an average US crypto holder goes through every year. Let’s…

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