IRS gets serious about Crypto's on Tax Forms

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IRS gets serious about Crypto's on Tax Forms

 

I recommend if you don't like in the USA that you skip this read as it addresses US Tax code and filing status.

The IRS (Internal Revenue Service) is actually part of the US Treasury system. The tax code is actually written by Congress and enforced via IRS.  The IRS started last year asking IF you bought, sold or received Crypto on your 2019 tax forms. This year the IRS has been busy in and around Crypto's here are some of their actions

  •     IRS to spend another $250MM to track Crypto transactions and purchases 
  •     IRS offered $625,000 bounty if you can crack Monero's and other privacy coins. 
  •     Recall the IRS treats it as Crypto as Property and can force liquidation if you owe taxes

The IRS 2020 Tax form will be modified to read "At any time during 2020, did you sell, receive, send, exchange or otherwise acquire any financial interest in any virtual currency? The taxpayer must check the box "Yes" or "No."  Its been moved to the line just below your address block to ensure it if fully understood how serious the IRS is about Crypto reporting!

 

Disclaimer - I do not work for the IRS, nor an Agent of the IRS. I am not a Tax Attorney nor a CPA, this is not Tax advice just reporting this update to keep everyone informed on the IRS updates.  

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