That's not correct.
Here is the direct link from the IRS itself:
Lie about your "crypto" currency, and people face severe consequences:
“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
See this sentence. This is the IRS way of issuing a warning for non-compliance:
"The IRS is aware that some taxpayers with virtual currency transactions may have failed to report income and pay the resulting tax or did not report their transactions properly. The IRS is actively addressing potential non-compliance in this area through a variety of efforts, ranging from taxpayer education to audits to criminal investigations."
Ever since they got a list of currency ownership from Coinbase a few years ago, their interest has ratcheted up.
Several issues still remain. The IRS treats crypto as an investment, the SEC treats it as currency.
But with the Treasury's emphasis on FBAR and FINCen 114 reporting, any crypto that uses a foreign trading center may be in violation of a bunch of rules that only expats have dealt with. Not fun at all.
We all know that it's coming.
Me:Two false facts in the first sentence. Delete this garbage.
You:That’s not correct.
I am correct. YOU ARE WRONG!
1. It is only a draft
2. It is NOT THE MAIN FORM! It is 1040 SCHEDULE 1.
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.