IRS Issues Virtual Currency Transactions Reminder

Bulldawg Tax and Accounting

The Internal Revenue Service is cautioning taxpayers with virtual currency not to skip over a small, but vitally important, part of their Form 1040 this year.

As the saying goes, the devil’s in the details.

The pitfall comes in the form of a simple check box at the top of each Form 1040, Form 1040-SR, or Form 1040-NR. It asks, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”

Read more on the IRS website.

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