IRS tax form question leaves US crypto users confused and concerned
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....
Related News
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....
The Internal Revenue Service (IRS) has modified the crypto question asked on Form 1040, the tax form used by all U.S. taxpayers to file an annual income tax return.
New Crypto Tax Question
The Internal Revenue Service (IRS) published a draft of Form 1040 for the 2022 tax year last week. Form 1040 is the tax form used for filing individual income tax returns in the U.S.
The crypto question on the front page of Form 1040 now reads: “At any time during 2022, did you: (a) receive (as a reward, award, or compensation); or (b) sell, exchange, gift, or otherwise....
Introduction. The crypto space has been referred to variously as an industry and a subculture, but now it has become something more. Using blockchain technology, we have been inadvertently building a universal data structure capable of authenticating any information known to humankind. Factom has now unlocked that potential, converting everything from health records to property titles into cryptographic form. Using the lense of blockchain topology, we can describe the nature and make-up of the crypto space in precise terms: it is a metric space made by connecting all the known blockchains....
Afterhundreds of bitcoins were stolen directly from the online wallets of Blockchain.info, not to be confused with the actual bitcoin blockchain, the website had some funds returned by a white-hat hacker named Johoe. The white-hat hacker noticed a slew of broken addresses and took some of the funds before malicious hackers could grab them and then returned the fund to Blockchain.info. Also read: Dan Held Leaves Blockchain.info for ChangeTip to Bring Bitcoin Micropayments Mainstream. Blockchain.info Emails Users. Now, to return the funds back to the original holders, George Mandrik sent out....
For those of you who feel the need to check through every email you get, including everything that shows up in your dreaded spam folder, you might want to rethink your methods from here on out. McAfee has issued a warning to users that a new form of bitcoin ransomware known as CTB-Locker is now being sent to personal computers through a spam campaign. While first identified in 2014, CTB, or "Curve Tor Bitcoin" Locker is still a relatively new development that have made some of the affected users ask the same question "What is bitcoin?". The ransomware is a sneaky form of malware that....