RATE Group | IRS Now Requires Tax Filers to Disclose Crypto Activities
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IRS Now Requires Tax Filers to Disclose Crypto Activities

09 Dec IRS Now Requires Tax Filers to Disclose Crypto Activities

Posted at 17:12h in Bitcoin News by

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IRS Now Requires Tax Filers to Disclose Crypto Activities

The U.S. Internal Revenue Service (IRS) has finalized and put in use a new tax form that requires crypto owners to declare whether they received, bought, sold, exchanged, or acquired any cryptocurrencies in 2019. Tax experts are frustrated at the vagueness of the tax agency, with some questioning whether the answers would increase the chances of being audited by the IRS.

Also read: IRS Dispels Crypto Tax Confusion

New Tax Form With Crypto Question

The IRS published a new tax form containing a question about cryptocurrency on Thursday. The Schedule 1 form is part of the 1040 tax form for U.S. taxpayers to declare “Additional Income and Adjustments to Income.” The IRS first unveiled the draft of this form in October, as news.Bitcoin.com previously reported. The form is now finalized and posted on the IRS website for use in filing 2019 tax returns. Form 1040 is used by over 152 million U.S. tax filers. The first question on the new Schedule 1…

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