The IRS will ask taxpayers if they own cryptocurrencies in new 1040 tax form

The Internal Revenue Service (IRS) has released an early draft of its new Form 1040, Schedule 1, Additional Income and Adjustments to Income, which will ask U.S. taxpayers whether they have owned or acquired financial interest in cryptocurrencies.

The first line of the form asks: “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” followed by a yes and no option.

The draft by the IRS comes days after the revenue service issued new guidance that addresses the tax implications of a cryptocurrency “hard fork” to the owner of the existing cryptocurrency.

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