ncCPAp on the GO!

Virtual Currency Check Box on 2019 Tax Return

  • 1.  Virtual Currency Check Box on 2019 Tax Return

    Posted 28 days ago

    There is a new question on the top of the October 10, 2019 draft Form 1040 Schedule 1, followed by a yes or no check box.  This was not on the July 11, 2019 draft version.

    "At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?" 

    Link to draft form:    https://www.irs.gov/pub/irs-dft/f1040s1--dft.pdf

    ------------------------------
    William Oricchio
    WILLIAM ORICCHIO, CPA MS
    Verplanck NY
    ------------------------------


  • 2.  RE: Virtual Currency Check Box on 2019 Tax Return

    Platinum Most Valuable Member
    Posted 27 days ago
    This was discussed at length at last weeks NPL meeting.  Currently, returns will NOT be rejected if box not checked.  also, if Schedule 1 is not needed in the return but TP had VC activity, they will need to check the box.  And if no Schedule 1 and no VC, no need to attached Schedule 1 just to answer question.

    I'm slated to be on an IRS call on Monday to further discuss VC issues.

    ------------------------------
    Stephen Mankowski
    MANKOWSKI ASSOCIATES, CPA, LLC
    smankowski@mankowskicpa.com
    215-682-7366
    ------------------------------