Did you at any time during 2019, receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes or no? Big brother wants to know.
This is an important question for the 2019 tax filing in early 2020. The IRS has redesigned their forms yet again. The 2018 filing forms were difficult to read and understand, with the redesign they will now be more similar with old forms
The IRS is serious about learning about your virtual currency transactions and ownership, thus the new disclosure question. Starting with the 2019 returns filed next year, individuals must answer on Schedule 1 of the 1040 whether they’ve sold, sent, acquired or exchanged virtual currency.
The taxing of crypto currency transactions has already been in place for a few years now.