RATE Group | IRS Will Ask If You Own Cryptocurrency on its New Income Tax Form 1040
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IRS Will Ask If You Own Cryptocurrency on its New Income Tax Form 1040

13 Oct IRS Will Ask If You Own Cryptocurrency on its New Income Tax Form 1040

Posted at 13:51h in Cryptocurrency News by

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The US Internal Revenue Service (IRS), a bureau of the Department of Treasury, recently added a question regarding cryptocurrency ownership to its standard 1040 income tax form for the upcoming tax filing season.

A draft of the “Additional Income and Adjustments to Income” section of the latest 1040 form was released. It included a change made to the “Additional Income and Adjustments to Income” section. The additional question on the new 1040 form asks:

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

The question requires only a yes or no response, and does not ask for any additional information.

Tax professional Kelly Phillips Erb writes:

“Why does the location of the checkbox matter? Compliance. The checkbox is ostensibly on the form to remind taxpayers to report their cryptocurrency transactions. But those tax professionals like me who have seen the response to the checkbox on…

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