IRS Suggests Changes to How It Asks About 2021 Crypto Activity

July 22, 2021, 9:40 PM

The IRS is proposing changes to a question cryptocurrency users must answer when they file their 2021 taxes next year.

In a draft of the 2021 Form 1040, released Wednesday, the agency reworded how it asks about the cryptocurrency transactions it wants people to disclose.

The question on the 2020 form read: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” The new draft removes the word “send,” and replaces the phrase “otherwise acquire” with “otherwise dispose of.”

“I think the revised ...

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