Posted on 10/12/2019 8:02:32 PM PDT by ameribbean expat
The Internal Revenue Service (IRS) has updated the main form individual U.S. taxpayers use to report their income to include a question about cryptocurrencies.
Following the release earlier this week of the IRS’s long-awaited guidance for reporting crypto-related income, the IRS on Friday circulated a draft of the new Form 1040, Schedule 1, Additional Income and Adjustments to Income. The draft was shared in an email to tax software companies, which the agency also shared with journalists.
The sheet, prefaced by a warning that it’s only a draft and not an actual document for filing taxes, asks at the top:
“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
(Excerpt) Read more at coindesk.com ...
Fed and Treasury must be sweating.
Crypto?
How about my stash of Cipro?
“The Internal Revenue Service (IRS) has updated the main form individual U.S. taxpayers use to report their income”
Two false facts in the first sentence. Delete this garbage.
I’m just now reading a book about bitcoin. Fascinating.
Digital Gold is the book.
“The IRS Will Now Ask if You Own Crypto in the Most Widely Used US Tax Form”
FAKE news. Please delete this garbage.
I am going to have to ask this of every client? Waste of time.
Who wants to know?
“I am going to have to ask this of every client? Waste of time.”
I hope you dont do taxes bases upon a fake news click-bait headline ...
“Its true”
DUDE, you have very poor reading comprehension ...
Who is crypto and why would I is it of concern to the IRS if I do own him? They into pet ownership now?
(1) The politically correct term for illegal immigrants?
(2) A new sexual preference?
(3) Crypto talks, and money walks?
What am I missing?
It’s true, though. Why are you so adamant it’s not?
Draft instructions
Virtual Currency If, in 2019, you engaged in any transaction involving virtual currency, check the “Yes” box next to the question on virtual currency at the top of Schedule 1. A transaction involving virtual currency includes: • The receipt or transfer of virtual currency for free (without providing any consideration), including from an airdrop or following a hard fork; • An exchange of virtual currency for goods or services; • A sale of virtual currency; and • An exchange of virtual currency for other property, including for another virtual currency. If you disposed of any virtual currency that was held as a capital asset, use Form 8949 to figure your capital gain or loss and report it on Schedule D (Form 1040 or 1040-SR). If you received any virtual currency as compensation for services or disposed of any virtual currency that you held for sale to customers in a trade or business, you must report the income as you would report other income of the same type (for example, W-2 wages on Form 1040 or 1040-SR, line 1, or inventory or services from Schedule C on Schedule 1). If, in 2019, you have not engaged in any transaction involving virtual currency, and you don’t otherwise have to file
“It’s true, though. Why are you so adamant it’s not?”
It’s fake news.
I have no idea if this is true or not.
However, the IRS does require you to report money held in foreign banks.
Seems like a very small (and logical) step to ask if you hold cash on the World Wide Web.
My link is from irs website. I wish they were fake news but they have guns and judges that send people to non fake prison.
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