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virtual currency question to add to client 2019 income tax organizer for completing Schedule 1 (Form 1040)

  • 1.  virtual currency question to add to client 2019 income tax organizer for completing Schedule 1 (Form 1040)

    Platinum Most Valuable Member
    Posted 10-23-2019 02:37 PM
    ​virtual currency question to add to client 2019 income tax organizer for completing Schedule 1 (Form 1040)

    Recommendation from the NCCPAP National TAX Committee meeting today, 23 October 2019:
    because of the IRS question on Schedule 1 of (Form 1040)

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

    https://www.irs.gov/pub/irs-dft/f1040s1--dft.pdf
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    For additional information see IRS Issue Number:    IR-2019-167

    Virtual currency: IRS issues additional guidance on tax treatment and reminds taxpayers of reporting obligations
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    Virtual currency: IRS issues additional guidance on tax treatment and reminds taxpayers of reporting obligations
    IR-2019-167, October 9, 2019 - As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service today issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency.
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    Neil Sullivan
    NEIL A.J. SULLIVAN, CPA TEP
    Scarsdale NY
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