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US Crypto Users are Confused and Concerned About a New IRS Tax Form Question
Summary: Crypto users in the U.S. have taken to Twitter to express their confusion and frustration over the wording of a question about virtual currencies on this year’s tax return form. Recently, the IRS published a new Form 1040 return for the 2020 tax year which needs to be filed by all U.S. taxpayers. It contains the following ...
Crypto users in the U.S. have taken to Twitter to express their confusion and frustration over the wording of a question about virtual currencies on this year’s tax return form. Recently, the IRS published a new Form 1040 return for the 2020 tax year which needs to be filed by all U.S. taxpayers. It contains the following question: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” The lack of explicit guidance on the definition of “virtual currency” left some crypto users perplexed. Timothy Peterson, Investment Manager from Cane Island Global Macro asked " If you check "no" are you committing perjury since it's not defined?" One crypto tax specialist likened the question to a 'perjury trap'.
By Amy Liu
Tags: Crypto,IRS,Tax Form,US
Link: US Crypto Users are Confused and Concerned About a New IRS Tax Form Question [Copy]
