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Tax Payers Needn’t Disclose Merely Holding Cryptos: IRS Draft 2020 Guidance

On Oct 26, 2020
@CoinDesk shared
The U.S. IRS has clarified who needs to tick "yes" to a question over cryptocurrency activity included in the draft 1040 income tax form. Via @Dan_Z_Palmer https://t.co/G2gEJwgaYx
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The U.S. tax agency has clarifified who needs to tick "yes" to a question over cryptocurrency activity in the draft 1040 income tax form.

www.coindesk.com
On Oct 26, 2020
@CoinDesk shared
The U.S. IRS has clarified who needs to tick "yes" to a question over cryptocurrency activity included in the draft 1040 income tax form. Via @Dan_Z_Palmer https://t.co/G2gEJwgaYx
Open

Tax Payers Needn’t Disclose Merely Holding Cryptos: IRS Draft 2020 Guidance

Tax Payers Needn’t Disclose Merely Holding Cryptos: IRS Draft 2020 Guidance

The U.S. tax agency has clarifified who needs to tick "yes" to a question over cryptocurrency activity in the draft 1040 income tax form.

IRS Adds Question On Crypto Usage To New Income Tax Form Draft

IRS Adds Question On Crypto Usage To New Income Tax Form Draft

“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

Tax Guide: What Crypto Owners Should Know

Tax Guide: What Crypto Owners Should Know

With the rise in price and the growing adoption of cryptocurrencies, more governments worldwide have been ramping up efforts to tax them. Some countries are using extreme measures to get ...

Blockchain Bites: Crypto Tax Switcheroo, Stablecoin Confusion, the Post-Capitalist Plunge

Blockchain Bites: Crypto Tax Switcheroo, Stablecoin Confusion, the Post-Capitalist Plunge

Fintech giant Plaid has added support for two DeFi applications, the IRS wants to know about your crypto and stablecoins have passed the $20B milestone.

IRS Releases Draft Form 1040: Here’s What’s New For 2020

IRS Releases Draft Form 1040: Here’s What’s New For 2020

The Internal Revenue Service (IRS) has released a draft of Form 1040, U. S. Individual Income Tax Return.

IRS May Make It Harder to Avoid Declaring Crypto on Tax Returns

IRS May Make It Harder to Avoid Declaring Crypto on Tax Returns

The Internal Revenue Service plans to make all income tax payers check a box indicating whether they have transacted in crypto over 2020.

IRS Crypto Summit Was About the Exchange of Ideas, Not Tax Guidance

IRS Crypto Summit Was About the Exchange of Ideas, Not Tax Guidance

No new guidance is expected to come from Tuesday’s IRS Crypto Summit, but that the event happened at all is still a positive sign for the industry.

The IRS’ latest cryptocurrency tax guidance shows it still doesn’t get it

The IRS’ latest cryptocurrency tax guidance shows it still doesn’t get it

The US Internal Revenue Service (IRS) issued updated guidance for calculating taxes owed on cryptocurrency holdings yesterday.

IRS Tax Update for Crypto Investors and Users

IRS Tax Update for Crypto Investors and Users

Under current tax law, property and investments are generally considered capital assets, meaning the IRS views cryptocurrencies as essentially an investment asset and not as a legitimate ...

Tax Compliance Firm TaxBit Raises $5M to Improve Crypto Tax Reporting

Tax Compliance Firm TaxBit Raises $5M to Improve Crypto Tax Reporting

Launched in 2019, TaxBit’s tax reporting solution was built by not just developers but a team of CPAs, tax attorneys and software developers.

IRS puts cryptocurrency front and center of 2020 tax return

IRS puts cryptocurrency front and center of 2020 tax return

You won’t be able to overlook the question this time: the US agency wants to know if you’ve transacted with virtual currency.

New IRS Crypto Tax Guidelines Only Add More Problems for Bitcoin Taxpayers, ‘Don’t Make Sense In Current Form’

New IRS Crypto Tax Guidelines Only Add More Problems for Bitcoin Taxpayers, ‘Don’t Make Sense In Current Form’

The IRS has published a confusing new statement intended to clear up the issue of taxing cryptocurrencies recieved during airdrops.

IRS is Several Years Late in its Crypto Taxes Guidance, Says US Tax Attorney

IRS is Several Years Late in its Crypto Taxes Guidance, Says US Tax Attorney

The United States Internal Revenue Service (IRS) is responding to the long-standing questions of crypto investors on how to file in taxes on returns made from cryptocurrencies. This, ...

Crypto is Not Money As Per New British Crypto Tax Guidance

Crypto is Not Money As Per New British Crypto Tax Guidance

The British tax authority, known as Her Majesty’s Revenue and Customs (HMRC), has released updated guidance for individuals and businesses who are involved with cryptocurrencies.

IRS Tries, Fails to Explain Your Crypto Tax Liabilities After a Hard Fork

IRS Tries, Fails to Explain Your Crypto Tax Liabilities After a Hard Fork

For the first time since 2014, the Internal Revenue Service (IRS) has issued guidelines for calculating tax liabilities on hard forks; but it seems to raise more questions than it answers.

IRS to Release In-Depth Crypto Tax Guidance ‘Soon’

IRS to Release In-Depth Crypto Tax Guidance ‘Soon’

The US Internal Revenue Service has promised to release its official crypto tax guidance soon. According to IRS Commissioner Charles P. Rettig, providing clarity on digital taxation is one ...

Crypto Taxation – Preparing for April

Crypto Taxation – Preparing for April

For anyone completing this year’s tax return, there is now much greater clarity on what should and shouldn’t be included with crypto taxation