IRS will ask all American tax-payers if they used cryptocurrencies in 2020

Any US citizen filing taxes for 2020 should inform the government if they used cryptocurrencies in 2020. The tax agency has come up with new drafts of income forms including the question about crypto coins. The form asks if the person conducted some crypto operations during the year. The agency wants to know about any kind of transaction (purchase, sale, or just transfer of funds). The question about it was included in the agency’s form and is located on its front and center. The serious approach to crypto taxes is evident now.
This is not surprising taking into account a series of events that took place earlier. Much has changed since 2015 when not so many US citizens reported cryptocurrency transactions. Crypto becomes a taxable asset in the USA. If the person doesn’t report his or her come, it means that the IRS will follow up.

Be the first to comment

Leave a Reply

Your email address will not be published.


*