RATE Group | US IRS Adds Question on Crypto Usage to New Income Tax Form Draft
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US IRS Adds Question on Crypto Usage to New Income Tax Form Draft

12 Oct US IRS Adds Question on Crypto Usage to New Income Tax Form Draft

Posted at 01:57h in Cryptocurrency News by

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The United States Internal Revenue Service (IRS) has added a question on crypto ownership to the standard 1040 income tax form for the coming tax season.

IRS wants to know about your crypto in 2019

On Oct. 11, a draft of the “Additional Income and Adjustments to Income” section of the new 1040 form surfaced that included a change was made to the ‘Additional Income and Adjustments to Income’ section. On the new 1040 form, the additional question reads:

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

The question expects a straightforward yes or no, with no additional details requested.

Cointelegraph previously reported that the IRS had issued new guidelines for tax reporting on cryptocurrency airdrops and hard forks. The tax agency’s guidance answered questions about cryptocurrency transmissions for investors that hold cryptocurrencies as a capital asset and set general principles of tax…

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