What am I missing?
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
“What am I missing?”
1. It is still a draft so they are not ‘now’ asking you.
2. 1040 Schedule 1 is NOT the most widely used form.
My hunch is that what you’re missing is that Gator probably owns some cryptos and news like this could send them crashing down. But it’s just a hunch.