RATE Group | The IRS has a new tax form and wants to know about your cryptocurrency
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The IRS has a new tax form and wants to know about your cryptocurrency

06 Dec The IRS has a new tax form and wants to know about your cryptocurrency

Posted at 21:00h in Cryptocurrency News by

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Tax season is still months away, but the IRS will want to know about your cryptocurrency holdings.

The IRS just released a new Schedule 1 for the 2019 tax season, spelling out the details on above-the-line deductions, including the tax break for student loan interest and health savings account contributions.

Eagle-eyed taxpayers will notice that the IRS threw in an extra question on the form: “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?”

This is the agency’s latest effort to gather additional information on taxpayers’ virtual currency holdings.

See below for the form

“The biggest thing is that the IRS is asking this for a reason, and my question is how much have you increased your audit risk by checking ‘Yes’ in response?” asked Jeffrey Levine, CPA and director of financial planning at BluePrint Wealth Alliance in Garden City, New York.

The inquiry itself is a vague…

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