A new clarification from the IRS indicates that buying and holding cryptocurrency does not need to be reported on the 1040 form.

The post IRS clarifies that buying and holding crypto doesn’t require 1040 reporting appeared first on The Block.

In a clarification to the crypto tax question front and center of the IRS’s 1040 form, the US tax office said it’s not interested in certain types of crypto purchases.

Crypto tax solution provider TaxBit has raised $100 million in a Series A funding round, according to its official website. The software provider would channel [...]

Sen. Cynthia Lummis, the first in the Chamber to own Bitcoin, says bipartisan support will accelerate crypto tax reform.

According to the updated IRS FAQs, purchasing virtual currencies using USD is not necessarily reportable to the IRS. IRS Latest Update  Virtual currency holders who bought the assets via fiat money were confused about whether or not to tick ‘yes’ on IRS’ form 1040. The scenario only applies if the holder has no subsequent virtualRead More

According to the answer given, “if your only transactions involving virtual currency during 2020 were purchases of virtual currency with real currency, you are not required to answer yes to the Form 1040 question.” Virtual Currency on Form 1040 This year, the IRS is including a question on Form 1040 regarding cryptocurrency. Form 1040 is … Continued

The post IRS Refines Crypto Rules as Tax Season Approaches appeared first on BeInCrypto.

The United States IRS has clarified that crypto investors who only purchased digital assets using fiat and did not sell during 2020 do not need to report said activities.

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The first church of artificial intelligence has shut its conceptual doors. Anthony Levandowski, the former Google engineer who avoided an 18-month prison sentence after...

By Lawrence Zlatkin, Vice President, TaxFor the second year in a row, you will be asked on your tax return about virtual currencies....

Maybe some people still believe it, but Bitcoin isn’t really anonymous. Indeed, isn’t anonymous at all: all the transactions in this currency are recorded in a public —and widely-available-online— ledger. Tracking the funds and the parties behind them isn’t that hard, and that’s why privacy coins were created. The privacy coins are cryptocurrencies with in-design […]