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IRS Puts Crypto Question in Prominent Spot on 1040 Form in 'Unprecedented' Move

Changes to 2020 tax filing forms will make it easier for the IRS to identify cryptocurrency holders. So reports The Wall Street Journal.

cryptocurrency 3409725 640smallThe 1040 form is going to feature a direct question asking if filers, at any time during 2020, sold, received, sent, exchanged or acquired “any financial interest in any virtual currency.” Taxpayers will be asked to check either “Yes” or “No.”

The question also appeared on tax documents in 2019, but on a portion of the return that was not mandatory. It will now be featured just below the section for name and address.

Read the full article from The Wall Street Journal.

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