08 Feb Don’t Forget About Cryptocurrency Like Bitcoin At Tax Time
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PARIS, FRANCE – JUNE 25: In this photo illustration, a visual representation of the digital … [+]
Form 1040 may look similar to last year’s return, but there’s one key difference that’s attracting attention: a question about cryptocurrency.
As I reported late last year, early drafts of Form 1040 reflected a new question on the top of Schedule 1, Additional Income and Adjustments to Income (downloads as a PDF). Schedule 1 is used to report income or adjustments to income that can’t be entered directly on the front page of form 1040.
The new question made it onto the final version of Schedule 1:
KPE
The question asks: At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?
The placement of the question is important. I believe the question is intended to be so…
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