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22 October 2019

The IRS Will Now Ask If You Own Crypto in the Most Widely Used US Tax Form

The IRS Will Now Ask If You Own Crypto in the Most Widely Used US Tax Form


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Following the release earlier this week of the IRS’ long-awaited guidance for reporting crypto-related income, the IRS on Friday circulated a draft of the new Form 1040, Schedule 1, Additional Income and Adjustments to Income.

“Taxpayers who file Schedule 1 to report income or adjustments to income that can’t be entered directly on Form 1040 should check the appropriate box to answer the virtual currency question.

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