Express

IRS Expands 1040 Form Language to Include NFTs

Katie Lin

Summary: The Treasury Department tax division has released a draft for 1040 form instructions that replaces the section for “virtual currency” to the broader term “digital assets.” Whereas before, tax filers had to report any “unit of account, store of value, or medium of exchange,” now they have to report “any digital representations of value that ...

The Treasury Department tax division has released a draft for 1040 form instructions that replaces the section for “virtual currency” to the broader term “digital assets.”

Whereas before, tax filers had to report any “unit of account, store of value, or medium of exchange,” now they have to report “any digital representations of value that are recorded on a cryptographically secured distributed ledger or any similar technology, according to form instructions," according to these languages.

This means NFTs will now be considered into annual income reports.

However, before its final release, the instructions could still be subject to change.

Author: Katie Lin

Last Update:

Tags: ,,
Link: IRS Expands 1040 Form Language to Include NFTs   [Copy]
  • BTC Weekly Watch: Is the Rebound "Feast" Nearing Its End? 5 hours ago
  • ​The Crypto Treasury Boom Meets Regulatory Chill: Is the DAT Frenzy Fading? 7 days ago
  • Nasdaq Takes Aim at 'Crypto-Flipping' Companies with Stricter Rules 11 days ago
  • BTC Weekly Outlook: The Oversold Bounce—A Bottom or a Shorting Opportunity? 14 days ago
  • The Making of a Political Darling: Is Chainlink’s Government Deal a Victory for Tech or... 18 days ago
  • You need to login to comment.