IRS Expands Crypto Question on Tax Form

The U.S. Internal Revenue Service (IRS) has modified the crypto question asked on the main U.S. tax form. Reducing the scope of the question, the IRS now focuses on taxable cryptocurrency transactions. New Crypto Question on Tax Form 1040 The IRS published a draft Form 1040 for the tax year 2021 Thursday. Form 1040 is the main tax form used for filing individual income tax returns in the U.S. The draft form shows that the tax agency has modified the crypto question slightly. The crypto question now reads: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose....

This year’s Form 1040 requires all U.S. taxpayers to answer a question about whether they traded or acquired “virtual currency” during the year. Crypto users in the U.S. have taken to Twitter to express their confusion and frustration over the wording of a question about virtual currencies on this year’s tax return form.On Dec. 11, the IRS published a new Form 1040 return for the 2020 tax year which needs to be filed by all U.S. taxpayers. It contains the following question:“At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any....

A lot of builders have come up in the crypto space since its inception. As it expands, so has the innovation around it. Today, we meet Ari Meilich, co-founder of Decentraland, who tells us about his start in crypto, as well as the interesting projects he continues to build. QUESTION: Can you tell us a […]

The United States IRS has clarified that crypto investors who only purchased digital assets using fiat and did not sell during 2020 do not need to report said activities. The United States Internal Revenue Service, or IRS, has updated its FAQ section on cryptocurrency to clarify investors who have only purchased crypto assets with fiat currency do not need to report their transactions under the "virtual currency" question.The first page of U.S. citizens’ Individual Income Tax Return form, or Form 1040, asks whether the respondent received, sold, sent, exchanged, or otherwise acquired “any....

Bitcoin has undergone a strong rally over the past few months. From the March lows, the cryptocurrency has gained over 200%, rallying from $3,500 to $11,700 now. While already impressive, the coin is about to form a pivotal buying signal that may suggest more upside is likely. The signal in question last formed when the […]