Jan 29, 2023

US IRS wants everyone to declare if they engage in crypto

Posted by in category: futurism

The Internal Revenue Service (IRS), responsible for enforcing federal tax laws in the United States, recently published a list of reporting obligations for the general public regarding cryptos as the time for filing the 2022 federal income tax return draws near.

Since “virtual money” is a term that is no longer used for income tax purposes as of 2021, the IRS changed the phrase to “digital assets.” All US citizens must answer all crypto-related questions, irrespective of their activity.

The question about digital asset income appears on three different tax forms, specifically in the 1040 Individual Income Tax Return, the 1040-SR US Tax Return for Seniors, and the 1040-NR US Nonresident Alien Income Tax Return.

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