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IRS Adds Question On Crypto Usage To New Income Tax Form Draft
10-12-2019, 03:27 PM,
IRS Adds Question On Crypto Usage To New Income Tax Form Draft
IRS Adds Question On Crypto Usage To New Income Tax Form Draft

<span property="schema:name" class="field field--name-title field--type-string field--label-hidden">IRS Adds Question On Crypto Usage To New Income Tax Form Draft</span>

<div property="schema:text" class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><a href=""><em>Authored by Joeri Cant via,</em></a></p>

<p dir="ltr">The United States Internal Revenue Service (<a href="">IRS</a>) has <strong>added a question on crypto ownership to the standard 1040 income tax form</strong> for the coming tax season.</p>

<p dir="ltr"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-12_7-34-36.jpg?itok=A6hgKu3p" data-link-option="0" href=""><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset=" 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset=" 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset=" 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=Ny8H50M1 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset=" 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset=" 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="183901bd-d900-4efb-acb1-f4bbc08d38c7" data-responsive-image-style="inline_images" height="330" width="500" src="" alt="" typeof="foaf:Image" /></picture></a></p>

<p dir="ltr"><a href=""><em>image courtesy of CoinTelegraph</em></a></p>

<h2 dir="ltr">IRS wants to know about your crypto in 2019</h2>

<p dir="ltr">On Oct. 11, a <a href="">draft</a> of the “Additional Income and Adjustments to Income” section of the new 1040 form surfaced that included a change was made to the ‘Additional Income and Adjustments to Income’ section. On the new 1040 form, the additional question reads:</p>

<p dir="ltr"><strong>“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”</strong></p>

<p dir="ltr">The question expects a straightforward yes or no, with no additional details requested.</p>

<p dir="ltr">Cointelegraph previously <a href="">reported</a> that the IRS had issued new guidelines for tax reporting on cryptocurrency airdrops and hard forks. The tax agency’s guidance answered questions about cryptocurrency transmissions for investors that hold cryptocurrencies as a capital asset and set general principles of tax law to determine that virtual currency is property for federal tax purposes.</p>

<h2 dir="ltr">H&R Block helps with crypto taxes</h2>

<p dir="ltr">Cointelegraph <a href="">reported</a> in September that United States-based accounting firm H&R Block started acting as an intermediary between crypto users and the IRS after the agency began sending letters to crypto traders who may have failed to report income and pay taxes.</p>

<p dir="ltr">H&R Block can now assist people who have engaged in digital currency transactions, specifically providing consultations on how to properly file their cryptocurrency gains and losses on tax returns.</p>
<span rel="schema:author" class="field field--name-uid field--type-entity-reference field--label-hidden">
<a href="">Tyler Durden</a>
<span property="schema:dateCreated" content="2019-10-12T18:50:00+00:00" class="field field--name-created field--type-created field--label-hidden">Sat, 10/12/2019 - 14:50</span>

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