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The Daily Hodl
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IRS Plans to Directly Ask About Crypto on 2019 Tax Form

by Daily Hodl Staff
October 11, 2019
in Regulators
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

‎‎‎ ‏‏‎

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Starting this year, the U.S. Internal Revenue Service plans to directly ask taxpayers if they have invested in cryptocurrency.

The IRS has released a draft of the “Additional Income and Adjustments to Income” section of its upcoming 1040 tax form, which most taxpayers use to determine how much they owe for the year.

It features a yes or no question on virtual currencies.

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

The IRS says comments about the form can be submitted here.

The agency recently released a long-awaited update on its cryptocurrency tax guidelines, outlining its policies for airdrops, tax consequences for coin exchanges between wallets and how to calculate fair market value (FMV).

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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