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Tuesday

22 October 2019

IRS to Require 150 Million Tax Filers to Disclose Crypto Dealings - Bitcoin News

IRS to Require 150 Million Tax Filers to Disclose Crypto Dealings - Bitcoin News


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According to the draft of the new 1040 tax form, Schedule 1 will now include a question about the tax filer’s crypto activities.

Schedule 1, entitled Additional Income and Adjustments to Income, is filed alongside the 1040 form.

It is used to report income or adjustments to income that cannot be entered directly on Form 1040.

The 1040 instructions, also published Friday, has a section on “virtual currency.” The IRS explained that taxpayers must check the “yes” box if they have “engaged in any transaction involving virtual currency.”.

Furthermore, the IRS reiterated that taxpayers must use Form 8949 to figure out their capital gain or loss, and report it on Schedule D of Form 1040, if they have “disposed of any virtual currency that was held as a capital asset” during the year?

For taxpayers who received any cryptocurrency “as compensation for services” or disposed of any coins held for sale to customers in a trade or business, the IRS emphasized that they must report the income as they would other income of the same type.

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