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IRS Signals Plan to Narrow Crypto Reporting Requirement

Oct. 26, 2020, 5:16 PM

Cryptocurrency users wouldn’t have to disclose their digital assets to the IRS on their 2020 income tax returns if they simply held the assets during the year or transferred them between their own wallets under new draft instructions from the agency.

The IRS first began asking users to respond to a yes or no question about whether they received, sold, sent, exchanged, or otherwise acquired a financial interest in virtual currency on Schedule 1 of the 2019 Form 1040, which individuals use to report income they wouldn’t put on the main form, such as unemployment payments. The agency signaled ...

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