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IRS Considering Feedback on New Crypto Tax Return Question

March 3, 2020, 8:49 PM

The IRS is considering issues taxpayers and practitioners have raised about a new tax return question on cryptocurrency transactions, which could affect how that question is framed in the future.

Last fall, the agency updated Form 1040, which is used to report income, to ask for the first time this tax filing season if taxpayers received, sold, exchanged, or otherwise acquired a financial interest in virtual currency in 2019.

The IRS needs time to digest the information it gets in response to the current question and adapt accordingly, said John Cardone, assistant deputy commissioner for compliance integration in the ...

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